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REAL ESTATE
San Gabriel Valley Habitat for Humanity building ADUs in 10-day blitz
San Gabriel Valley Habitat for Humanity (SGV Habitat) last week announced its new program to help low-income homeowners add an accessory dwelling unit (ADU) to their property to provide an affordable rental for a low-income household. Their program offers a zero-interest construction loan with SGV Habitat serving as the contractor for the project.
The Richman Group Affordable Housing Opens Largest Housing Development for Unhoused in Los Angeles with 278-Unit Weingart Tower
LOS ANGELES, CA - Weingart Center and Chelsea Investment Group, The Richman Group, a leading developer and syndicator of affordable housing, announced the grand opening of Weingart Tower 1, the largest homeless housing project in Los Angeles history. The grand opening held on June 19, 2024 featured the 278-unit, 19-story affordable apartment community in the heart of the Skid Row District which stands as a beacon of hope and a significant step forward in the city's commitment to addressing homelessness.
State, City Governments Propose Various Tax Programs to Fund Affordable Housing
Some cities, such as Los Angeles, are implementing mansion taxes to fund affordable housing. Amid the ongoing housing crisis, state and city governments are exploring new ways to fund more affordable housing. According to Route Fifty, home prices increased by about 60% over the past decade, and one-quarter of renters spend more than half of their income on housing. To alleviate these cost burdens, there are a number of tax programs city and state jurisdictions are looking to explore, ranging from Denver’s proposed sales tax aimed at generating $100 million for housing annually to real estate transfer taxes—also known as "mansion taxes"—in places such as Los Angeles and Boston. However, not all groups are in favor of these programs.
64,146 SQFT Commercial Property Hits the Market in Westlake Village
A new commercial real estate opportunity has become available in the heart of Westlake Village in Los Angeles County. Situated at 31111 Agoura Rd., this property consists of a 64,146-square-foot building on a 4.04-acre lot, currently offered at a negotiable “Best Offer” price, according to an offering brochure from CBRE. The property, which is currently owned by an entity affiliated with Pacifica Real Estate Group, presents a unique investment prospect for both owner-occupiers and investors seeking to capitalize on the region’s market. It was last sold in 2014 for $13.6 million, or roughly $212 per square foot.
Pasadena Pioneers Climate-Funded Affordable Housing Initiative
In a groundbreaking move, the City of Pasadena has secured $8.75 million in state climate change funds to support both affordable housing and sustainable transportation improvements. This innovative approach marks the first time California’s Affordable Housing and Sustainable Communities (AHSC) program has ever funded a homeownership project. The initiative,...
Kennedy Wilson Completes Portfolio Sale on Melrose Avenue
Kennedy Wilson Brokerage finalized the sale of 7955-7959 Melrose Ave., a 2,933-square-foot multi-tenant retail building, for $2.175 million, completing a Melrose Avenue portfolio sale in excess of $9 million. The property was sold by president Ed Sachse and assistant VPs Jaysen Chiaramonte and Jack Nathan on behalf of Quiet Lion, LP.
LA City Planning Commission Greenlights 327 Apartments at 1185 Sunset Blvd. in Echo Park
The Los Angeles Planning Commission has officially approved a revised plan for a sizable new development at the corner of Sunset Boulevard and Everett Street in Echo Park. On July 11, Aragon Properties Corp. received the go-ahead to construct a mixed-use project featuring 327 apartments and ground-floor retail space, which The Registry first reported in August 2023.
US homes find fewer foreign buyers as rising costs and a strong dollar leave market in record slump
LOS ANGELES (AP) — Sales of U.S. homes to foreign nationals have fallen to the lowest level in more than a decade, hampered by a strong dollar and many of the hurdles that have kept the housing market in a deep sales slump for over two years. Some 54,300 previously occupied U.S. homes were purchased by non-U.S. citizens in the 12 months ended in March, according to a report by the National Association of Realtors. That’s the fewest homes sold to foreign nationals in data going back to 2009. International buyers face the same difficult market challenges as domestic buyers, including lack of available homes and higher mortgage rates, the NAR said.
Echo Park Multifamily Sells Midway Through Construction
Marcus & Millichap arranged the sale of 319 N, Westlake Ave., a fourteen-unit apartment property located in the Echo Park submarket of Los Angeles. The asset sold for $3.45 million, or $246,429 per unit and $210.35 per square foot. The property sold midway through construction and was one of the first partially complete apartment buildings to sell in this market cycle.
Kidder Mathews Expands Expertise with Three Key Additions to Valuation Advisory Services
Kidder Mathews welcomes appraisal team, Babak Sammak, Michael Thiel, MAI and Tommy Stuebe, specialists in market-rate and affordable multifamily properties, to the firm’s Valuation Advisory Services in San Diego and Los Angeles. Sammak and Thiel have been named senior vice presidents and will office in San Diego, while Stuebe...
Building a Real Estate Empire: The Journey of Gerardo Peralta Diaz
As the founder and CEO of Golden View Investments, Gerardo Peralta Diaz has genuinely sculpted a very distinct path within the notoriously competitive realm of real estate investment. His multifaceted journey through the field has served as evidence of his passion, perseverance, and weighty devotion to taking challenges and molding them into unrivaled opportunities.
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