Month: February 2023

Photos from Side x Side conference (Photos by Andrew Asch for The Real Deal, Getty) During his keynote address at Side’s annual conference, the white-label brokerage’s co-founder Guy Gal poked fun at the current down market for residential real estate. Dressed in a hoodie and Nike Kobe A.D. sneakers, Gal remembered agents fantasizing about putting…

Interim Chief Executive Officer Joanne Cordero with Skid Row Housing Trust (Getty, Skid Row Housing Trust) Skid Row Housing Trust, the largest owner of affordable housing along L.A.’s Skid Row, is itself on the verge of becoming down and out. The nonprofit developer, based in Downtown, is struggling to stay afloat long enough to divest…

Grubb Properties CEO Clay Grubb and 1353 North Western Avenue, Los Angeles (Clay Grubb, Urban Architecture Lab) Grubb Properties seeks to build a 70-unit, mixed-used apartment complex in East Hollywood. The North Carolina-based developer has filed plans to build the seven-story building on a vacant lot at 1353 North Western Avenue, Urbanize Los Angeles reported. …

A photo illustration of Los Angeles Councilmembers Nithya Raman and John Lee (Getty) Landlords in Los Angeles must now pay to relocate tenants who move after a large rent increase. The Los Angeles City Council has adopted an ordinance requiring landlords to pay relocation assistance to tenants who move out after getting rent increases of…

Councilman Michael Greubel (Getty, City of Industry) It pays to be a politician in City of Industry, where a fourth councilmember has been issued a city-owned house at below-market rent. The city’s housing authority has allowed Councilman Michael Greubel to rent a 1,681-square-foot, two-bedroom, two-bathroom house for $1,175 a month, the Pasadena Star-News reported, citing…

(Photo Illustration by The Real Deal with Getty) The year started with a mixed picture for the Los Angeles rental market. January 2023 median rents increased 8 percent for one- and two-bedroom apartments in a year-over-year index comparison by Zumper, a San Francisco-based listing site. Its monthly report will formally be released around Feb. 15.…

Rendering of 3301 W Beverly Boulevard with Amir Ohebsion (LinkedIn, John Kaliski Architects) Florence Apartment Corp. aims to build a 100-unit apartment complex in Rampart Village. The Central-Alameda-based developer led by Amir Ohebsion has filed plans to build a seven-story complex at 3301 West Beverly Boulevard, Urbanize Los Angeles reported. A century-old commercial building and…

IRA’s Amer Kasm with 16715-16969 Von Karman Avenue (IRA, Google Maps, Getty) IRA Capital has bought a 450,000-square-foot office campus in Irvine for $102.4 million. The Irvine-based commercial real estate investor bought the VKCC, a nine-building campus at 16715-16969 Von Karman Avenue, the Orange County Business Journal reported. The seller was EQ Office, based in…

The top 10 construction projects on tap for Los Angeles add up to nearly $1.4 billion in investment and will deliver more than 3,000 housing units, but the priciest project is purely commercial. JMB Realty is developing a Bjarke Ingels Group-designed highrise at 1950 South Avenue of the Stars in Century City — at an…

From left: Kilroy Realty’s Joh Kilroy and California Business Roundtable’s president Robert Lapsley (Kilroy Realty, Getty, College Campaign) A new state ballot initiative backed by Kilroy Realty is hoping to invalidate Measure ULA, a recently passed measure that adds hefty taxes on commercial and residential sales over $5 million in the city of Los Angeles.…