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SoCal Rents Rise at Fastest Rate in 14 Years

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LOS ANGELES (CBSLA) — Rents in Los Angeles and Orange Counties rose at a 5.8% annual rate last month — the highest for a July since 2005.

That’s according to the Consumer Price Index , which polls consumers and surveys data from landlords.

The stats say that so far this year, the LA-OC rent index has risen an average of 5.5% compared to 4.9% in 2018 and 4.6% from 2015-2017. Some point to pending California rent control legislation — Bill AB-1482 — as the reason for the soaring rents.

Nicholas Dunlap, President of the Apartment Association of Orange County , says property owners are raising rents before the bill becomes a statewide law and rent can’t be raised above a certain […]

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Apartments

LA Tenants Union Puts Repealing the Ellis Act on the Table

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LA Tenants Union puts repealing the Ellis Act on the table

LOS ANGELES (Knock.LA) — They’ve gotten commitments from Senator Maria Elena Durazo and Assemblymember Wendy Carrillo — but from the latter only in private.

Demonstrators outside of Assemblymember Wendy Carrillo’s office on Sunset Boulevard, crossing out her name on a banner because her office refused to give a public statement in support of repealing the Ellis Act. “The Ellis Act is a racist act,” they chanted.

In the final action of their week-long Days of Rage, on Monday afternoon dozens of members of the Vermont y Beverly (VyBe) Local of the Los Angeles Tenants Union (LATU) led a demonstration calling on their state representatives to repeal the Ellis Act.

The prime target of this protest was California State Assemblymember Wendy Carrillo — but it wasn’t intended to be that way. VyBe had previously held […]

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Apartments

Businesses Relocate in Advance of Sunset Blvd Development in Hollywood

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Businesses Relocate in Advance of 6200 Sunset Development

HOLLYWOOD (Urbanize LA) — Across the street from the kitschy Gower Gulch shopping center in Hollywood, the first signs of work on a mixed-use building at 6200 Sunset Boulevard have started to appear.

In recent months, a cluster of businesses at the southwest corner of Sunset Boulevard and El Centro Avenue have vacated the premises – making way for a residential-retail development from the Houston-based Hanover Company .

Approved plans call for the construction of a seven-story edifice containing 270 studio, one-, and two-bedroom apartments atop 12,000 square feet of ground-floor retail and a two-level, 361-car basement parking garage.

The project, designed by Steinberg Hart, is depicted as a contemporary podium-type building – similar to other nearby projects – clad with a combination of plaster, metal, and stone tiles. Architectural plans show […]

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Apartments

Crescent Heights Building Sells for $856,000 per Apartment

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Multifamily WeHo Site Brings $21 Million

WEST HOLLYWOOD (LA Business Journal) — L.A.-based Roka Properties acquired the Element WeHo, a multifamily property in West Hollywood, for $20.6 million.

The seller was a New York-based investor which had acquired the property in 2015 for $8.9 million and renovated 22 of the 24 apartments. Updates included new doors, windows, in-unit washer-dryer additions and stone slab counters.

The 24-unit Element WeHo property is located at 1425 N. Crescent Heights Blvd. It was 90% leased at the time of the sale.

“At $856,000 per unit, the sale of Element WeHo represents a record achieved in West Hollywood for a property of its size and vintage,” Tresp said in a […]

Continue reading at labusinessjournal.com

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