We’re going through a period of intense leasing, with multiple new buildings opening up over the course of, say, 3-4 months. Long term, this is a good thing. It means we’re finishing projects we started, in some cases, years ago, fulfilling the promises we made to investors. And, in a lot of cases, it means … Continue reading “Dealing with leasing anxiety”
Category: Property Management
The money coursing through Adaptive
Yesterday, in the afternoon, I signed seven new residential leases for an average of roughly $2500 / month. It got me thinking about how weird it is that we consider leases on a monthly payment basis and about how much money is actually going through our office each month. After all, those seven leases represented … Continue reading “The money coursing through Adaptive”
229 S Avenue 60 is done
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”
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”
AirBnB in Silver Lake
Spent a bunch of time yesterday arranging an AirBnB for my parents, who are coming to LA for six weeks this spring. What does this have to do with a multifamily blog? A lot. The pricing for stand-alone, decent 1/1 – 2/1 houses is in Silver Lake is basically $3500-4000 / month. That compares with … Continue reading “AirBnB in Silver Lake”
3100 London is in lease-up
We’re just beginning leasing on 3100 London, the largest project ever undertaken by Adaptive. This one was a bear. Among other things, we upped the unit count from 24 to 27, totally reconfigured all the units, re-vamped most of the entrances, constructed private outdoor spaces for all the units and resolved a majorly painful situation … Continue reading “3100 London is in lease-up”
What I did yesterday
From the “This Ain’t Just Capital Deployment” files: What did you do at your job yesterday? Me? Oh, I negotiated and then personally oversaw voluntary move-out by a guy who had been arrested for threatening his neighbors with an ax. Of course, I brought along two armed guards, plus a crew to help move his … Continue reading “What I did yesterday”
How leasing impacts acquisitions
“Hey Jacob. What did we get for the last 2/1 we rented at X?” I think I ask that question of Jacob, who runs our management business, 4-5 times per week. Why? Because we’re constantly recycling the market information we glean from leasing back into our acquisitions underwriting. The go/no go decision on each deal is … Continue reading “How leasing impacts acquisitions”
Another lovely piece of art
Our local artists graced us with yet another of their masterpieces yesterday. You have to be a real genius to destroy your own neighborhood, huh?
Santa Monica’s dumb anti-AirBnB legislation
Am traveling right now (to attend my father’s retirement party – 43 years teaching at RPI!) so am going to keep this brief. Santa Monica is close to passing a law that would effectively ban sh0rt-term rentals where the owner of the property is not present. So, basically, you can rent out a room in … Continue reading “Santa Monica’s dumb anti-AirBnB legislation”