A tour through the co-living craze, hotel developer Relevant Group dives into affordable housing: Daily digest

A daily round up of Los Angeles real estate news, deals and more for August 2, 2019

TRD LOS ANGELES /
Aug.August 02, 2019 04:00 PM

Every day, The Real Deal rounds up Los Angeles’ biggest real estate news. We update this page at 9 a.m., 12:30 p.m., and 4 p.m. PT. Please send any tips or deals to [email protected]

This page was last updated at 4 p.m. PT

 

L.A. is very into co-living. More co-living companies are opening up locations in the city. While they range in terms of prices — some are pretty high — and options, they’re also starting to go niche, with a host of amenities and events to separate themselves from the crowd. [TRD]

 

Relevant Group is going affordable. The developer that has been building a mini hotel empire in Hollywood submitted plans for a fully affordable apartment building, featuring 150 units, in Westlake. [TRD]

 

Matthew Perry’s Century City penthouse has hit the market. The “Friends” actor is selling his uber-luxurious full-floor unit at the Century for $35 million. The 9,300-square-foot penthouse has five bedrooms, and velvet throughout, and was custom-designed for him. [TRD]

 

Millenium Partners faces a setback in its massive project in Hollywood. A California appeals court ruled that the environmental review the developer conducted for its $1 billion Hollywood Center project was “fatally defective.” The project is now in violation of the California Environmental Quality Act. The mixed-use project has been in the pipeline for a decade, and it’s unclear what will happen next. [Curbed]

 

Discount brokerage Redfin’s revenue rose 39% in the second quarter. The Seattle-based firm’s new iBuying platform helped push revenues, but steep marketing costs resulted in net losses growing from $3.2 million to $12.6 million. [TRD]

 

Smart-lock maker Latch made off like a bandit with a $126 million Series B fundraise. According to the startup, one in 10 new apartment buildings in the country use its smart locks, and investor Brookfield has said they plan to install latch at Greenpoint Landing. [TRD]

 
This Montecito estate was recently relisted for $65 million.

Santa Barbara’s seaside homes are “selling like hotcakes.” Demand for beachfront homes is driven in part by concerns among buyers that homes in the hills are vulnerable to wildfires and mudslides that have ravaged the region. [TRD]

 

Seritage posted a $26 million net loss in Q2. Sears’ real estate asset spinoff attributed the loss in part to lower rents from its leases with Sears, which is in the midst of bankruptcy proceedings. Seritage has signed leases with stores worth a total of $154 million in annual base rent since 2015. Rents should start flowing in the next couple of years, the company said. [TRD] 

 
Tipton John, partner at AllenMatkins; and Jerry Nickelsburg, of UCLA Anderson Forecast

Commercial real estate players see expansion on the horizon. A UCLA-Allen Matkins survey found experts and investors optimistic that the industry would pick back up after a predicted slowdown through next year. The industrial sector is expected to perform the strongest, but respondents also expect office to do well. [TRD]

 

Elegran Real Estate is going after Compass. Elegran, whose executives were found this week to be behind a massive network of knockoff building website, claims that leasing manager Zino Angelides and three other Elegran agents took over $2 million worth of data to the $6.4 billion real estate brokerage. [TRD]

 

Global roundup: the Queen needs a property manager at Buckingham Palace. And in other news from abroad, a watchdog says European Union commercial property values are overvalued. [TRD]

 
From left: Jesse Lasky, Adolfo Suaya, Samuel Goldwyn and the Hillview Hollywood in background (Credit: Wikipedia and Getty Images)
From left: Jesse Lasky, Adolfo Suaya, Samuel Goldwyn and the Hillview Hollywood in background (Credit: Wikipedia and Getty Images)

A historic apartment building in an Opportunity Zone hits the market. The 53-unit Hillview Hollywood, which was listed for $25 million, qualifies for a reposition because of a controversial eviction law. The owner is an LLC linked to restaurateur Adolfo Suaya, who paid CIM Group $16 million for the property in 2016. [TRD]

 
The now-demolished Yolk store in Silver Lake. (Credit: owners via Yelp)
The now-demolished Yolk store in Silver Lake. (Credit: owners via Yelp)

L.A. may increase fines on “unscrupulous developers” who work without permits. Councilmember Mitch O’Farrell wants to make developers think twice about demolishing a building without proper permits. Developer Mohamad Hadid’s unpermitted work on an under-construction spec mansion in Bel Air is the most high profile example. But O’Farrell’s motion was prompted by the unpermitted demolition of the Streamline Moderne Yolk store in Silver Lake in May. [Curbed]

 

Whole Foods leases 50,000 square feet of space at Carmel Partners’ Cumulus complex. The grocer will rent half the available retail space at the under-construction West Adams project, which upon completion will also have 1,210 apartments and a public park. CIM Group and 4D Development are among the other developers building in the neighborhood, which borders red-hot Culver City. [LABJ]

 
A rendering of Quixote Studios (Credit: Quixote Studios)
A rendering of Quixote Studios (Credit: Quixote Studios)

Quixote Studios opens its new media production facility in Pacoima. The production house was lured by the north San Fernando Valley neighborhood’s affordability and strong demand for studio time from streaming services. Quixote wants to turn Pacoima “into a production hub,” CEO Mikel Elliott said. Amazon and Sony will be the first to shoot at the new five-soundstage facility. [LAT]

 
Jeffrey Epstein and Donald Trump in 1997 (Credit: Getty Images)
Jeffrey Epstein and Donald Trump in 1997 (Credit: Getty Images)

Donald Trump and Jeffrey Epstein sparred over the Florida estate of nursing home mogul Abe Gosman in 2004. Gosman originally purchased from Epstein’s close friend and mentor Leslie Wexner. But after Gosman went bankrupt, Trump out-bid Epstein for the property, and flipped it just four years later for $95 million. [Vanity Fair]

 

WeWork has been negotiating for up to $6 billion in financing, but there’s a catch. The financing is contingent on the We Company raising $3 billion when it goes public. JPMorgan Chase has reportedly already promised $800 million. [Bloomberg]

 

FROM THE CITY’S RECORDS:

Relevant Group wants to build a 150-unit apartment building at 1316 W. Linwood Avenue in Westlake. [LADCP]

An LLC led by an individual named Reuben Robin wants to replace a West Pico Boulevard car wash with a five-story mixed-use building with 16,500 square feet of commercial space and 67 residential units. [LADCP] 

Compiled by Dennis Lynch


Related Articles

arrow_forward_ios
Two more spec mansions hit market for over $40M each, Onni’s DTLA tower gets a new silhouette: Daily digest

Two more spec mansions hit market for over $40M each, Onni’s DTLA tower gets a new silhouette: Daily digest

California’s new public banks could fund affordable housing, Mr. Chow founders cut fat from price on Holmby Hills manse: Daily digest

California’s new public banks could fund affordable housing, Mr. Chow founders cut fat from price on Holmby Hills manse: Daily digest

Gwen Stefani closes $21M sale of Beverly Hills estate, Fitch says WeWork bonds are junk: Daily digest

Gwen Stefani closes $21M sale of Beverly Hills estate, Fitch says WeWork bonds are junk: Daily digest

Californians want more pot shops, Airbnb asks LA to delay short-term rental ordinance: Daily digest

Californians want more pot shops, Airbnb asks LA to delay short-term rental ordinance: Daily digest

Capitol Records CEO flips mansion for big profit, Pan Am Equities gets pushback on resi project along LA River: Daily digest

Capitol Records CEO flips mansion for big profit, Pan Am Equities gets pushback on resi project along LA River: Daily digest

Trump urged to open federal site in LA as homeless shelter, Whole Foods-anchored Sawtelle apartment project approved: Daily digest

Trump urged to open federal site in LA as homeless shelter, Whole Foods-anchored Sawtelle apartment project approved: Daily digest

Arrest in attack on broker at open house, Tobey Maguire re-lists plot of dirt: Daily digest

Arrest in attack on broker at open house, Tobey Maguire re-lists plot of dirt: Daily digest

Home sales in SoCal dip, disgraced ex-USC dean sells home to daughter of Majestic Realty chairman: Daily digest

Home sales in SoCal dip, disgraced ex-USC dean sells home to daughter of Majestic Realty chairman: Daily digest

arrow_forward_ios