Tinder co-founder hasn’t found a match for his Hollywood Hills home, Rexford Industrial makes another big buy: Daily digest

A daily round up of LA real estate news, deals and more for September 20, 2019

TRD LOS ANGELES /
Sep.September 20, 2019 03:15 PM

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

This page was last updated at 3 p.m. PT

 

Artisan Realty Advisors wants to build an apartment tower in Hollywood. The developer filed plans for a 23-story tower with 290 apartments — 29 affordable — at 6350 West Selma Avenue. The Transit Oriented Communities project, designed by Gensler, would also include five levels of parking. Artisan purchased the property for $61 million last year. [Curbed]

 

A 3-acre site Metro station could become permanent supportive housing. Flexible PSH Solutions has filed paperwork to develop a 454-unit complex for low-income housing. The project would rise near the Metro Vermont/Beverly subway station, which is currently zoned for industrial real estate. [Urbanize]

 
Mill Creek Residential CEO William MacDonald and Modera West LA (Credit: iStock)
Mill Creek Residential CEO William MacDonald and Modera West LA (Credit: iStock)

Mill Creek Residential has refinanced its new West LA apartment complex. The national homebuilder scored a $165 million loan from Square Mile Capital Management. The 376-unit complex, named Modera West LA, opened last month in Westchester. [TRD]

 
A rendering of Corcoran Soho (Credit: iStock and CetraRuddy)

After a data breach last week stunned observers, Corcoran isn’t the only firm worrying about cybersecurity. You can expect more data breaches and cyberattacks, industry insiders say. Last year, the FBI found that 11,000 people lost more than $150 million on attacks aimed at real estate. [TRD]

 

De Blasio is out of the presidential race. The New York City mayor began his campaign in May, but had little support from the five boroughs. During his short campaign, numerous crises arose with the city’s infrastructure and campaign finance scandals dampened the Park Slope politician’s hopes for the highest office in the land. [NYDN]

 
Sean Rad (Credit: RISE via Flickr)
Sean Rad (Credit: RISE via Flickr)

Tinder co-founder Sean Rad lists Hollywood Hills home. Rad is again looking to part with a 5,600-square-foot home he bought in 2017. He listed the home for $10.9 million a year ago, but without a sale, he’s relisting it for $9.8 million. Last year he bought a larger home in the neighborhood from Westside Estate Agency co-founder Kurt Rappaport for $26.5 million. [LAT]

 

Another week, another big Rexford buy. The real estate investment trust paid $66.2 million in cash for an eight-building industrial complex in Torrance. Rexford plans to renovate the property, which is 91 percent leased. Together, the eight buildings total 267,000 square feet. [LABJ]

 

With possible development plans in the future, Silver Lake florist property is on path to landmark status. L.A.’s cultural heritage commission voted to landmark the Tokio Florist on Hyperion Avenue. It will still need approval from the City Council. The family who owns the roughly half-acre property, including 108-year-old home and a Japanese garden included, want $4 million for it. Preservationists want to prevent a future development there. [Curbed]

 

Pasadena startup Kitchen United closed $40 million funding round. Developer RXR Realty led the round for the remote kitchen operator, which launched in 2017. The L.A. startup plans to expand in New York, Boston, and San Francisco and will open shared kitchens in some RXR-owned properties. Former Uber CEO Travis Kalanick is leading a similar startup operation in L.A. [LABJ]

 

Afton Properties scoops up two apartment complexes for $186 million. The L.A. firm just closed on a $132 million deal for an 800-unit property in Lancaster. A few weeks ago, it paid $54 million for a 178-unit community in Riverside. [TRD]

 
Blackstone’s Stephen Schwarzman (Credit: Getty Images)
Blackstone’s Stephen Schwarzman (Credit: Getty Images)

Steve Schwarzman is also puzzled by WeWork’s valuation. The Blackstone Group co-founder, whose massive real estate company is worth “a few billion dollars,” said WeWork’s business model is tied to the health of the economy — which is fine, until “the world collapses.” “I sort of went, what? How do you get this?” he said Wednesday of WeWork’s pre-IPO value. “It doesn’t seem right to me given what they’re doing.” In recent days, WeWork’s valuation has fallen from $47 billion to $15 billion. [Bloomberg]

 

Sales of existing homes were up 1.3 percent in August, surprising economists. Sales were expected to fall 1.1 percent. Economists say the uptick, the first year-over-year gain in 17 months, is a sign that low mortgage rates are luring buyers to the market. [WSJ]

 

FROM THE CITY’S RECORDS:

Developer Flexible PSH Solutions wants to build a 454-unit permanent supportive housing complex at 321 N. Madison Avenue in Rampart Village. The firm is also working on a 101-unit project nearby and has the backing on local city councilmember Mitch O’Farrell. [LADCP]

 

A 23-story mixed-use development is in the works at 6350 W. Selma Avenue. The mix of residential, commercial, or other uses wasn’t specified in documents filed with the city Thursday, but the developer did say commercial condominiums were in the works. [LADCP]

 

A 110,300-square-foot storage facility is being planned at 6500 S. Avalon Boulevard in South L.A.’s Florence neighborhood. The facility would be used to store household goods, according to documents filed with the city. [LADCP]


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