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”

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”

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”