Buy and Hold Multifamily Investor | President at LME Investments | Running a Value-Add Multifamily Fund in Los Angeles.
LME Investments: Weekly Newsletter: 5/12/2024 - Happy Mother’s Day, DTLA graffiti towers for sale! Hi All Thank you for taking the time to read the LME Investments / Local Multifamily Experts Meetup weekly newsletter. We strive to highlight the most relevant insights, trends, and issues impacting real estate investing, with a focus on the multifamily sector in the nation's largest county - Los Angeles. To all the incredible mothers out there, we want to wish you a day filled with love, appreciation, and relaxation. Your strength, love, and sacrifice shape the world around us, and today, we celebrate you. Whether you're a mother, grandmother, stepmother, or mother figure, your impact is immeasurable. Thank you for all that you do. Wishing you a Happy Mother's Day from all of us! Our next meetup is at Three Weavers Brewing on Wednesday, 5/22. Come hang out with your fellow real estate professionals in a relaxed setting. Here is the link to RSVP. A financing gap could stop the redevelopment of the West LA Civic Center, into residential units, offices and retail. Financing and other costs have reduced the return on the project, so the developers (AvalonBay Communities and Abode Communities) are collaborating with the city council member for the district, Traci Park, to figure out solutions. Oceanwide Plaza, aka the "Grafiti Towers' in downtown Los Angeles, have been put up for sale after bankruptcy proceedings. Colliers and Hilco Real Estate are marketing the site. An appraisal from Colliers, submitted during the bankruptcy proceedings, suggests the project is worth $434 million. As it is 60% complete, it will require around $865 million to complete. The owners of the home Marilyn Monroe last lived in (and passed away in) are suing the city of Los Angeles, for what they argue was a flawed process to designate the property as a landmark last fall. The couple argue that the process was not conducted in a neutral, fair manner, as is required by local law. That's it for now. We'll see you next week! Warm Regards, Sanjeev Bhatia & Shiva Bhaskar, Esq. info@lmeinvestments.com WWW.LMEINVESTMENTS.COM https://lnkd.in/ezbpQMqW