Just kill me now…
Category: Development
Interesting book on early LA architecture
Further to yesterday’s post on the ubiquitous two up / two down 1920s fourplex… I reached out to Sian Winslip, the president of the Society of Architectural Historians SoCal chapter. Sian kindly recommended that I take a look at Mary Ovnick’s book Los Angeles: The End of the Rainbow. The book isn’t available on Kindle, … Continue reading “Interesting book on early LA architecture”
Someone please educate us about architecture
All over LA, there are four unit apartment buildings with basically the same design: Roughly 4,000 sq ft Two units upstairs, two units downstairs Separate entrances Parking in the back for four cars They were all developed between, say, 1920-1929 (though you can sometimes find what I think of as early prototypes built in the … Continue reading “Someone please educate us about architecture”
3210 Bellevue is in lease-up
Regular readers will remember that Adaptive Realty Fund 1 bought four deals, three of which have been exited already. The fourth, 3210 Bellevue, entered lease-up last Friday. Here’s the relevant CL posting. The units are really special: Brand-new bungalow style 2 bed / 1 baths Efficient, open-layouts Private decks Private yards 2 outdoor parking spaces each … Continue reading “3210 Bellevue is in lease-up”
A disastrous HPOZ
Every day, I drive to work along Washington and then up Hoover and then Alvarado to Beverly. As I drive up Hoover, my attention is always drawn to the beautiful old Victorian and Craftsmen homes in that part of town. It’s always sad, though, because the few that remain are on horribly ugly streets surrounded … Continue reading “A disastrous HPOZ”
How to think about the future of inner-city multifamily
Curbed LA had an alarmist piece yesterday re the increasing “un-afordability” of LA apartments that I think draws attention some important long-term trends shaping the apartment business. First, here’s the money quote: “…[A] person earning median income in LA would have to spend 47 percent of that income on the median rent. That’s higher than any other city … Continue reading “How to think about the future of inner-city multifamily”
1012 N. Virgil is sold
We’re very pleased to announce (belatedly!) the sale of 1012 N Virgil, a 4plex renovated by Adaptive Realty through our first investment fund. Here are the numbers: Purchased for $427,000 in November of 2012 Renovated for $380,000 Rent roll upon completion of $111,000 Approx. $40,000 in cash collected prior to sale Sold for $1,274,000 at … Continue reading “1012 N. Virgil is sold”
Interview with Justin Brown
Thought you guys might like to check out this video interview I did with Justin Brown.
How following one dumb rule of thumb cost me thousands of dollars
When I first started buying buildings, I needed a quick and dirty way to estimate operating expenses. I hadn’t owned any buildings long enough to have historical data upon which to base assumptions. At the time, I was using an accountant who knew just enough about real estate to be truly dangerous. I asked him … Continue reading “How following one dumb rule of thumb cost me thousands of dollars”
Amateur hour
Just saw a flip deal go up on the MLS that’s driving me crazy right now. The flipper bought it six months ago for $725k. He relocated one tenant, superficially renovated two units, (presumably) fixed a big foundation problem, and painted it. Figure he’s all-in for $825k or so. Now it’s listed for $899,000, presumably … Continue reading “Amateur hour”