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Fire, flood and profits. So-called “disaster investors” are increasingly buying up properties damaged by floods, wildfires, hurricanes and other catastrophic events — and flipping them for a gain. [TRD]
Urban Stearns is heading to Historic Filipinotown. The multifamily developer submitted plans to build a 60-unit apartment building on Alvarado Street. It’s seeking bonuses from the Transit Oriented Communities program in exchange for building six affordable units. [TRD]
Consolidation hits Coldwell Banker. The brokerage will consolidate its 250 agents in Beverly Hills into the North Office, shuttering its South Office, sources said. It’s unclear when the firm will make the big move. Executive Jamie Duran would only say the firm was considering it, because of loud Metrorail construction. The stock price of its parent company Realogy hasn’t been doing too well either. [TRD]
Sleeping in vans is banned. The L.A. City Council unanimously voted to reinstate a temporary ordinance making it illegal for people to sleep in a car in residential areas. The law — which comes amid the city’s housing crisis — first went into effect in early 2017, and could result in a $25 infraction violators. That presents a sticky situation for the Venice “vanlord,” who has been renting “rooms” in his fleet of vans for $300 a month. [Curbed]
Compass Founder & CEO Robert Reffkin (Credit: Michael Toolan, iStock)
Compass is back in the IPO spotlight. In an interview on CNBC’s Squawk Box, company boss Robert Reffkin during an interview acknowledged the likelihood of an IPO, but said thanks to patient investors, Compass has flexible timing. According to experts, though, “there’s never been a better time to tap the IPO market.” [TRD]
A sprawling Beverly Hills mansion is asking $75 million. The 27,500-square-foot Beverly Hills was owned by late megamall developer Guilford Glazer. It replaced the former home of entertainer and “Rat Pack” member Dean Martin. The 1.5-acre property includes a 98-foot swimming pool and man-made ponds. [TRD]
(Credit: HGTV)
HGTV will soon reveal its renovation of the “Brady Bunch” house. The 90-minute premier of “A Very Brady Renovation” will air on Sept. 9. The network bought the property that stood in as the exterior of the Brady home, but its iconic “interiors” were shot on a separate set. The network worked with the actors who played the siblings in the show to turn the inside of the home into a replica of the set. [Curbed]
Denver-based investor Daydream Apartments landed $268 million in financing for its latest buys. Pacific Coast Capital Partners provided the loan for Daydream’s acquisition of Griffin on Spring, and Grace on Spring residential towers earlier this month. Holland Partners Group sold the newly-built apartment buildings, totaling 575 units between them, to Daydream for $403 million. [REBusines]
Beverly Hills School District infrastructure spending is being called into question. A citizens’ oversight committee is questioning why the district has spent $15.7 million in Measure E funds on a lawsuit against Metro, to divert the Purple Line extension from under Beverly Hills High School. [Curbed]
Downtown L.A.’s 112-year-old Barclay hotel building is getting a facelift. Prolific boutique hotel developer Relevant Group is working with Rockefeller Kempel Architects on the new “luxury boutique” hotel, which will have 11,685 square feet of ground-floor retail and a speakeasy vibe. The Barclay is L.A.’s oldest continually operating hotel and has for most of its recent history operated 155 single-room occupancy units. [Urbanize]
Singer Michael Feinstein relisted his Los Feliz mansion at $15 million. That’s $9 million lower than he first asked for the Tudor Revival-style home last April, shortly after he purchased the Cravens Estate in Pasadena for $7 million. The six-bedroom home in Los Feliz spans 15,000 square feet and features intricate hardwood floors and modern updates, including a movie theater, that Feinstein and husband Terrence Flannery added during their two decades at the home. [LAT]
There’s new renderings for Jamison’s 50-unit Koreatown project. The company is seeking to use Transit-Oriented Communities incentives for the seven-story project in exchange for setting aside five units for “extremely low-income” renters. Jamison filed plans for the project in February. [Urbanize]
Sean Landon and Brendan Fitzpatrick
Agents Brendan Fitzpatrick and Sean Landon are the latest to jump ship from Mauricio Umansky’s the Agency. Both left for Douglas Elliman’s Beverly Hills office. The Agency has lost at least 47 agents since January 2018, including many top producers. [TRD]
Speaking of Elliman agents, New York broker Ann Cutbill Lenane has put her marketing skills to work to find love. Lenane launched her “A Man for Ann” campaign last week, with a 30-second ad on YouTube in which she talks about her desire to find “a wonderful single divorced dad to remarry.” She’s also posted a questionnaire on her website for potential suitors. [TRD]
Compass’ latest funding round values it at $6.4 billion. The high tech brokerage announced its Series G on Tuesday, with a mix of old and new investors including Dragoneer Investment Group — a late-stage investor that backed Slack and Uber before they went public. The firm plans to use the new funding to “accelerate our growth and further our technology advancements.” [TRD]
Related CEO Jeff Blau, HACLA CEO Douglas Gouthrie, and a rendering of the project
A previously-stalled effort by the City of Los Angeles and Related Companies to build a 185-unit affordable complex in Montecito Heights is moving forward. The new development would replace 100 aging public housing units on a 5.3-acre site on Florizel Street. The project should be completed by 2025. [TRD]
Goldman Sachs is bringing back a fund business it dropped after the financial crisis. The investment bank’s real estate investment unit is raising a $2.5 billion fund that is structured similarly to its former Whitehall Property Funds. Those funds thrived around the turn of the century but suffered major losses during the downturn. [WSJ]
Compiled by Dennis Lynch
FROM THE CITY’S RECORDS:
New permit filings:
Las Palmas Housing Development Corporation and Western Pacific Housing filed plans for 122-unit senior housing project in Marina Del Rey. [DBS]
Compiled by Jerome Dineen