Thought you’d appreciate seeing pics of our latest project, a seven unit building on Avenue 60 in Highland Park. The units are pretty awesome and come with lots of parking. Best of all, they’re walking distance to all the interesting galleries, bars, restaurants on Figueroa. There’s a one bed at and six three beds at … Continue reading “229 S Avenue 60 is done”
Category: Building Adaptive
Why we don’t have a long-term lending relationship
Got a call from a lender the other day. He had seen a loan broker with whom we work shopping one of our deals and was irked that we hadn’t come to him first. I get where he’s coming from, on one level. We’ve done several loans together, so he feels like he should have first … Continue reading “Why we don’t have a long-term lending relationship”
What we talk about when we talk about appreciation
Have been doing some thinking about appreciation and how it affects our business. First, what is appreciation? It is the tendency, over time, of the price of real estate (in Los Angeles, anyway) to increase. A bit of clarification: Obviously, there is no guarantee that real estate will increase in price over any particular time … Continue reading “What we talk about when we talk about appreciation”
363 S Leslie is fully leased
You may remember 363 S Leslie, a 4plex we recently completed in Highland Park. Here’s a pic to jog your memory: Am happy to report that leasing is done. Better yet: Our rents came in materially higher than we originally pro forma’d. So, instead of the 6.3% unlevered yield we expected out of the property, I … Continue reading “363 S Leslie is fully leased”
What’s my apartment building worth?
Every once in a while, I take a look at the Google Analytics for this site to try to get a sense for what people are searching for to end up here. Turns out a ton of people are trying to figure out what their apartment buildings are worth. This is the kind of question … Continue reading “What’s my apartment building worth?”
Another new one in Highland Park
Just finishing up another building in Highland Park that I think might interest some of you. Unlike many of the apartment buildings we renovate, this one was built by someone who cared about the people who would live there. The ceilings are pretty high, the units have a ton of light, there is parking and … Continue reading “Another new one in Highland Park”
Now leasing: 363 S. Leslie Way
Thought you would appreciate seeing some pics of our latest project, 363 S. Leslie Way, a fourplex we just finished renovating in Highland Park. Now, obviously, doing fourplexes is not an efficient way for us to put out capital. But our partner was in a 1031 exchange, the clock was ticking, and we liked the deal. … Continue reading “Now leasing: 363 S. Leslie Way”
How to become a deal gal (or guy)
Was talking over the weekend to a friend of mine about a deal he’s doing with a partner. His partner pulled a pretty impressive negotiating jui-jitsu move on a counter-party of theirs, one that neither my friend nor I would have even considered, let alone attempted.* My friend explained that his partner is not really … Continue reading “How to become a deal gal (or guy)”
A tough loss
Just lost out on a deal that I wanted to do, despite being the highest bidder. So, how did I lose? Well, this was a development deal. And the land was super-hilly. So I wanted to have five days to get a geologist, an engineer and an architect out to take a look at the site … Continue reading “A tough loss”
The rebirth of rooming houses?
Today’s Wall Street Journal has an interesting article [subscription required] on the re-birth of boarding houses [h/t to Manoj]. Back around the turn of the 20th century, as immigrants flooded into major cities, developers built rooming houses where you could rent very small accommodations, often with share bathrooms. Eventually, zoning codes halted the construction of this … Continue reading “The rebirth of rooming houses?”