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The Real Deal Los Angeles

New Shekhter venture files multifamily project near Playa del Rey

The project would include six affordable units
By Natalie Hoberman | August 10, 2018 02:30PM

8911 S. Ramsgate Avenue and Alan Shekhter

Former NMS Properties executives are at it again, proposing new projects under their latest umbrella.

WNMS Communities, a new company formed out of NMS’s legal drama, filed an application Wednesday to build a new apartment building in Westchester.

An LLC named 8917 Ramsgate is listed as the applicant on the project, according to documents published with the Department of City Planning. Alan Shekhter, son of apartment kingpin and NMS CEO Neil Shekhter, created the LLC in June 2017, records show.

The building would include 30 units — six of which would be affordable — within a seven-story structure. There would also be space for 55 vehicles, bicycle stalls and about 3,000 square feet of open space, according to the filing.

WNMS is seeking TOC benefits for the new development, set to rise at 8911 S. Ramsgate Avenue in Westchester, west of the 405 Freeway.

The company paid $1.2 million for the duplex on the site in August 2017, property records show. They did not respond to requests for comment.

WNMS absorbed NMS, a big-time multifamily developer in Santa Monica, in January 2017 after NMS became embroiled in a legal battle with its former financial partner, AEW Capital Management.

Since 2013, the joint venture had been fighting over a shared $400 million, nine-building apartment portfolio in L.A. Amid an exchange of lawsuits between the firms, AEW alleged that the elder Shekhter had forged documents while trying to gain control of the properties. In June, a state appellate court gave AEW full control of the portfolio.

WNMS is now controlled by Scott Walter, a former executive vice president at NMS. Neil Shekhter is not involved, according to a statement announcing the new company. His son, Alan, handles development at the firm, according to his LinkedIn.

The firm, based in Santa Monica, focuses on developing affordable and market-rate housing.