Month: August 2024

Capstone Equities wants to turn a 75,000-square-foot office building in Encino into 117 affordable apartments. The New York-based private equity firm has proposed the office-to-home conversion at 5435-5445 Balboa Boulevard, Urbanize Los Angeles reported. The project, dubbed The Oaks on Balboa, would employ an adaptive re-use of the two-story, Z-shaped office building built in 1980…

Crescent Heights has beat back an appeal trying to block its 34-story apartment highrise atop a historic retail building in Koreatown. The Miami-based developer was backed by the Los Angeles City Planning Commission, which denied the appeal of its approved plans to redevelop a 39,000-square-foot office building at 3100 Wilshire Boulevard, Urbanize Los Angeles reported,…

American Family Housing has secured $29 million in state funds to convert a Costa Mesa motel into a 78-unit affordable housing complex for residents at risk of becoming homeless. The California Department of Housing and Community Development awarded the Project Homekey grant to the Midway City-based nonprofit developer to remodel the Travelodge by Wyndham Orange…

A crowdfunding firm that has flipped homes since 2018 said it’s in contract to buy Kanye West’s gutted Malibu home at a big discount. Belwood Investments, originally founded in Folsom, is in escrow on 24844 Malibu Road for $21 million, according to the company’s marketing lead David Contreras. Property records show the home is owned…

JPMorgan Investment Management has sold an apartment complex in Los Angeles’ Little Tokyo for $86.1 million — 25 percent less than what the bank bought it for in 2020, The Real Deal has learned.  FPA Multifamily bought the 240-unit Arrive Wakaba apartment complex from the bank, according to property records and a source familiar with…

90210 has retained its place as the priciest ZIP code in greater Los Angeles. A typical home in the famous Beverly Hills ZIP was $5.5 million in March, No. 1 in the Los Angeles-Long Beach-Anaheim metropolitan area, L.A. Business First reported. The priciest ZIP codes were put together according to research obtained for The Business…

One of Los Angeles’ largest boutique brokerages continues to grow its ranks this year. Lisa Optican is the latest agent to join Carolwood Estates, taking on the title of estates director. She was previously with Douglas Elliman.   Optican brings nearly $139 million in off-market listings to the firm. That includes a Malibu property with a…

Trammell Crow Residential has taken aim at the San Gabriel Valley, where it wants to build a second apartment complex in Arcadia. The unit of Dallas-based Crow Holdings has filed plans to build the 359-unit building at 325 North Santa Anita Avenue, Urbanize Los Angeles reported, citing a notice by the city. The 3-acre project,…

Onni Group wants its money back.  The Canadian real estate firm is suing Nexstar Media Group over a $95 million deal for a building in Downtown Los Angeles that fell apart, claiming the television network must return its $30 million deposit, according to a court complaint filed with Los Angeles Superior Court earlier this month. …

The California Coastal Commission remains a force to be reckoned with after state lawmakers killed bills meant to spur housing development along the state’s 840-mile coast. A series of bills pushed by Yes In My Backyard activists to skirt the commission and make it easier to build apartments and granny flats along the highly regulated…