Month: June 2026

A signature homelessness initiative championed by Mayor Karen Bass is facing mounting scrutiny after hundreds of taxpayer-funded apartments meant for homeless residents sat empty while public agencies continued paying rent. At the same time, federal authorities froze funding for the Los Angeles Homeless Services Authority alleging financial mismanagement. More than one-third of the units in…

Rockpoint is adding a nearly 100-unit apartment community in Westwood to its nationwide multifamily portfolio.  The Boston-based private equity firm acquired Wilshire Margot, a 97-unit mid-rise property at 10599 Wilshire Boulevard, from NMS Residential, L.A. Business First reported. Terms of the deal were not disclosed, though the property is valued at $61.5 million, according to…

An elusive mansion in Laguna Beach’s coveted Emerald Bay sold for $110 million, setting an all-time price record for Orange County, The Real Deal has learned.  The 2021 sale of an 18,000-square-foot home in Abalone Point held the previous record at $70 million. Public details about the home are miniscule, and insiders are bound by…

Wellpointe is moving forward with its affordable senior housing development in Warner Center.  The senior housing operator filed plans with the Los Angeles Department of City Planning for a four-tower, 100 percent affordable assisted living complex at 6400 Canoga Avenue in Woodland Hills, Urbanize Los Angeles reported. The proposal comes roughly six months after an…

Developers push infill housing projects in Pasadena which are moving forward following analysis by the Pasadena Design Commission.  On Tuesday, the commission reviewed calls for multifamily construction at 1034 Locust Street and 369 South Marengo Avenue, Urbanize Los Angeles reported. They’re the latest in a line of proposals aimed to add much-needed units to the…

The Fallas family’s Metropolitan building in Downtown Los Angeles’ Historic Core moved a step closer to receivership and foreclosure. A special servicer for the lender and commercial mortgage-backed securities holders requested a receiver this month, initiating a judicial foreclosure. Special servicer LNR alleges the borrower, the Fallas family, defaulted on their loan on the Beaux-Arts…

A property owner in Canoga Park is looking to nearly double the number of units proposed for a commercial development off Sherman Way.  Matt Towfighian of Warner Mega Properties submitted a revised application to the Los Angeles Department of City Planning that calls for a six-story building with 120 residences at 7220 North Owensmouth Avenue,…

Finishing first in the primary for state insurance commissioner, Jane Kim — who formerly sat on the San Francisco Board of Supervisors — is at the center of a race that typically flies under the radar, but carries implications for real estate developers and investors, along with homeowners. The Palisades and Eaton fires put a…

An Orange County financier has been arrested by federal agents on accusations of bank fraud tied to loans secured by real estate.  Mahender Makhijani was arrested on Wednesday at his mansion at 57 Montecito Drive in Newport Beach’s tony Corona del Mar neighborhood, the California Post reported. Authorities reportedly breached the property — which Redfin…

The Bay Club Company is growing its real estate holdings across California with its latest acquisition in the Los Angeles area.  The athletic club completed its purchase of a two-building campus at 2250 Park Place in El Segundo for $42 million, L.A. Business First reported. Continental Development Corporation acquired the 5.4-acre property in the 1960s…