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

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
Westmont's Andy Plant and Westmont Village Westmont Living, iStock)
Senior community nixes industrial development for more residential
Senior community nixes industrial development for more residential
FivePoint Holdings' Dan Hedigan (Fivepoints, Ranch on the River)
FivePoint slashes workforce 29%, posts $37M loss
FivePoint slashes workforce 29%, posts $37M loss
Cedars-Sinai's Thomas Priselac and 3400 Lomita Boulevard (Cedars-Sinai, LoopNet)
Cedars-Sinai pays $70M for Torrance medical offices
Cedars-Sinai pays $70M for Torrance medical offices
IGP Business Group's Matt Ilbak and Moreno Valley Mall (IPG Business Group, Moreno Valley Mall)
Indoor mall in Moreno Valley up for mixed-use makeover
Indoor mall in Moreno Valley up for mixed-use makeover
Michael Shabani with 8400 Melrose Avenue (Google Maps, iStock) Gucci, Melrose
Gucci plans flagship at Melrose & Melrose
Gucci plans flagship at Melrose & Melrose
Argent Retail's Terence Bortnick (LinkedIn, iStock)
OC commercial brokerage Argent Retail Advisors files for bankruptcy
OC commercial brokerage Argent Retail Advisors files for bankruptcy
LuMar's Babak Nehoray with10756 W Wilkins Ave (Avvo, Labyrinth)
Developers plan five-story apartment building in place of single-family home in Westwood
Developers plan five-story apartment building in place of single-family home in Westwood
Artist Guild Hotels' Daniel Hyde and the Palmer Building (LinkedIn, AGI)
Hollywood’s historic Palmer Building could become hotel with rooftop restaurant
Hollywood’s historic Palmer Building could become hotel with rooftop restaurant
arrow_forward_ios

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

Loading...