Goldrich Kest names new CEO following big year of multifamily purchases

Former COO, who has been at Culver City company for 24 years, will oversee 600 employees

TRD LOS ANGELES /
Feb.February 11, 2019 03:00 PM
Goldrich Kest CEO Mike Drandell and the Dolphin Marina Apartments in Marina del Rey

Goldrich Kest has promoted a longtime executive to lead the company, after a year in which the Culver City developer made a string of multifamily buys in the area.

The firm promoted Mike Drandell, its chief operating officer, to CEO in January. He’s worked for Goldrich Kest since 1995, when he took a position as Controller. During his 24 years there he’s also held the position of Vice President and Chief Financial Officer.

Goldrich Kest, which has around 600 employees, owns about 120 apartment complexes and 55 commercial and retail properties around the country, mostly in California. Its multifamily portfolio totals around 13,000 units. It owns three marinas and associated apartment complexes in Marina del Rey.

It also owns some senior living communities and industrial properties. In July it offloaded a South Bay industrial property for around $21 million.

The firm has made a series of multifamily acquisitions in L.A. over the last year or so, spending about $121 million on properties in West Covina, West Hollywood, and Hollywood.

Goldrich Kest was founded in 1957 by its namesakes Jona Goldrich and Sol Kest, who died in 2016 and 2010, respectively. Members of their families continue to be involved with the firm.


Related Articles

arrow_forward_ios
Senate Pro Tem Toni Atkins, Assembly Speaker Anthony Rendon, and Chief Justice Tani Cantil-Sakauye

State lawmakers call for eviction moratorium extension

State lawmakers call for eviction moratorium extension
(iStock)

SoCal developers say demand for office, retail space will continue to drop

SoCal developers say demand for office, retail space will continue to drop
The site for the planned 85-unit apartment complex (Credit: Google Maps)

Canfield plans 85-unit apartment complex in East Hollywood

Canfield plans 85-unit apartment complex in East Hollywood
Los Angeles apartments (Credit: iStock)

Expanded unemployment has kept California renters afloat. But that’s set to expire

Expanded unemployment has kept California renters afloat. But that’s set to expire
Neil Kadisha, Jaime Lee, and the building (Credit: CHANCE YEH/Patrick McMullan via Getty Images)

Jamison sells 72-unit Koreatown complex to Omninet

Jamison sells 72-unit Koreatown complex to Omninet
Downtown Los Angeles (Credit: iStock)

Average June rent hike in LA was smallest in 5 years

Average June rent hike in LA was smallest in 5 years
8940 N Reseda Boulevard (Credit: Google Maps)

Developers eye Northridge site for 51-unit apartment complex

Developers eye Northridge site for 51-unit apartment complex
Mike Bonin

LA punts on apartment vacancy tax ballot measure

LA punts on apartment vacancy tax ballot measure
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...