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LUXURY HOMES
JUDD APATOW & LESLIE MANN SAY GOODBYE TO THEIR $27 MILLION LA MANSION

The couple bought the property in 2009 from “Prison Break” producer Marty Adelstein for $18 million, also in an off-market transaction. The traditional white, two-story house has five bedrooms and seven bathrooms on three-quarters of an acre. The home features a finished basement, a detached pool house, a semi-detached three-car garage, a gated motorcourt, a backyard swimming pool and lush lawns surrounded by tall hedgerows.

The estate is located on one of the most prime streets in Brentwood Park, where some of their celebrity neighbors include model Sofia Richie, producer/singer David Foster and “South Park” creator Trey Parker. It’s not clear where Apatow and Mann will move next, but they also own a $9 million condo in New York City’s West Village.

Apatow and Mann have been married since 1997 and have two daughters, Maude and Iris, who are both actresses. They recently became empty nesters, and Mann joked last year that she had “no idea who I am” when her children moved out.

The sale of their LA mansion is one of the biggest deals in the area this year, and it shows that the luxury market is still hot despite the pandemic. Congratulations to the happy sellers and the lucky buyer!

MULTIFAMILY NEWS
INVESTORS BUY HOLLYWOOD APARTMENTS NEAR NETFLIX FOR $8.2M

ARTICLE TLDR

• A 24-unit apartment building near the Netflix offices in Hollywood sold for $8.2 million, less than the previous sale price of $8.5 million in 2019.

• The buyer plans to renovate the units and raise the rents, while the seller has bought the property from a family trust that had owned it for over 40 years.+

• The Hollywood rental market has suffered from the COVID-19 pandemic, but investors are still interested in value-add opportunities near Netflix and other media companies.

Investors Buy Hollywood Apartments Near Netflix for $8.2M

A 24-unit apartment building near the Netflix offices in Hollywood sold for $8.2 million, less than the $8.5 million it fetched in 2019. The seller and the buyer were both private investors. The buyer plans to renovate the units and raise the rents.

The property, at 1245 N. Formosa Ave., has one- and two-bedroom units averaging 850 square feet. It is close to Netflix and other media companies, attracting tenants who work in the creative industry.

However, the Hollywood rental market has suffered from the COVID-19 pandemic, which has reduced demand and occupancy. CoStar data shows that the average rent in Hollywood was $2,436 per month in the fourth quarter of 2022, down 7.4% from a year earlier.

Still, investors are looking for value-add opportunities in Hollywood, especially near Netflix. A broker from Marcus & Millichap, who represented both parties, said that there is strong demand for properties that can be upgraded and repositioned to attract higher-paying tenants. He added that the Netflix expansion has created a lot of buzz and activity in the area.

MULTIFAMILY NEWS
LA LANDLORD SUES CITY OVER ALLEGED GANG STRONGHOLD

ARTICLE TLDR

• A landlord in South LA sues the city for trying to seize his property under the nuisance abatement law, claiming that the city violated his constitutional rights.

• The city alleges that the property is a gang stronghold and a source of drug trafficking, violence, and illegal gambling, while the landlord says he is a victim of harassment and intimidation by both the city and the gang.

• The landlord also accuses the city of racial profiling and targeting his property because it is in a predominantly Black and Latino neighborhood, and cites examples of other properties with similar or worse problems that have not been subjected to nuisance abatement actions.

A landlord in South Los Angeles is suing the city of Los Angeles, claiming that the city violated his constitutional rights by trying to seize his property under the nuisance abatement law. The city alleges that the property is a gang stronghold and a source of drug trafficking, violence, and illegal gambling.

The landlord, David Lainer, owns a four-unit apartment building at 4125 S. Normandie Ave., which the city claims is occupied by members or associates of the Rollin 30s Harlem Crips gang. The city filed a lawsuit in August 2022 seeking to take over the property and evict the tenants, who are allegedly involved in various criminal activities.

Lainer countersued in September 2023, arguing that the city’s actions are unconstitutional, unlawful, and discriminatory. He claims that he is a victim of harassment and intimidation by both the city and the gang, and that he has tried to cooperate with the police and the city to address the problems. He says that he has installed security cameras, hired private security guards, and reported suspicious activities to the authorities.

Lainer also accuses the city of racial profiling and targeting his property because it is located in a predominantly Black and Latino neighborhood. He says that the city has ignored similar or worse problems in other areas with different racial demographics. He cites examples of other properties in West Hollywood, Beverly Hills, and Santa Monica that have been linked to drug dealing, prostitution, and human trafficking, but have not been subjected to nuisance abatement actions by the city.

Lainer seeks to dismiss the city’s lawsuit and to obtain damages for the violation of his rights. He also asks for a jury trial to decide the case. He says that he is not a slumlord or a gang sympathizer, but a law-abiding citizen who is trying to provide affordable housing to low-income residents.

NEWS
HOW AN AIRBNB GUEST BECAME A SUPER SQUATTER AND DEMANDED $100K TO LEAVE

Have you ever wondered what would happen if an Airbnb guest refused to leave your property? That is precisely what happened to the owner of a luxurious guest house overlooking the hills of Los Angeles when a guest massively outstayed their welcome, squatting for more than a year and a half. To add insult to injury, the unwanted house guest is refusing to leave until the homeowner gives her a $100,000 relocation fee.

The guest, Elizabeth Hirschhorn, rented the guest house on Airbnb in September 2021 for six months at a rate of $105 a night, with fees bringing the total to $20,7931.

Her Airbnb stay ended in April 2022, but she has been living there rent-free ever since, claiming that the guest house is illegal and unpermitted1.

The owner, Sascha Jovanovic, tried to evict her, but a judge ruled that under the city’s rent stabilization ordinance, he has no legal reason to do so and would have to pay her a relocation fee1.

Hirschhorn’s lawyer demanded that Jovanovic pay her $100,000 to leave, calling it his "cheapest way of getting of the whole ordeal"1.

Jovanovic accused Hirschhorn of extortion and manipulation, saying that she is a smart person who knows how to abuse the system2.

It was revealed that Hirschhorn had been accused of refusing to leave another home in Oakland, California, where she was subletting a room and sued the landlords for negligence and harm to her health2.

This is a shocking story of how an Airbnb guest became a squatter and demanded $100,000 to leave. It shows how some people can exploit the loopholes in the law and cause trouble for homeowners who rent out their properties. What do you think of this case? Do you think Hirschhorn should be allowed to stay or be forced to leave? Let us know in the comments below.

MULTIFAMILY NEWS
MADISON REALTY CAPITAL BOOSTS LOAN TO $115M FOR KOREATOWN APARTMENTS

ARTICLE TLDR

• Madison Realty Capital increased its loan to Jamison Properties from $100 million to $115 million for the construction of a 193-unit apartment building in Koreatown, Los Angeles.

• The apartment building will have seven stories and 269,000 square feet of space, including 4,600 square feet of retail, and is expected to be completed by the end of 2023.

Madison Realty Capital, a New York-based real estate investment firm, has increased its loan to Jamison Properties, a Los Angeles-based real estate developer, from $100 million to $115 million for the construction of a 193-unit apartment building in Koreatown, a neighborhood in Los Angeles.

The apartment building, located at 3060 W. Olympic Boulevard, will have seven stories and 269,000 square feet of space, including 4,600 square feet of retail. The project is expected to be completed by the end of 2023, and will offer amenities such as a rooftop pool, a fitness center, and a lounge.

The loan deal is part of Madison Realty Capital’s strategy to expand its presence in the West Coast market, where it has provided over $1.5 billion in financing for various projects. Madison Realty Capital specializes in providing flexible and customized debt and equity solutions for real estate transactions across the U.S.

Jamison Properties is one of the largest landlords in Koreatown, where it owns and operates over 5 million square feet of office and multifamily properties. Jamison Properties has been active in converting its office buildings into residential units, as well as developing new multifamily projects in the area.

Koreatown is one of the most densely populated and culturally diverse neighborhoods in Los Angeles, with a mix of residential, commercial, and entertainment uses. The area has seen a surge in development activity and demand for housing in recent years, driven by its proximity to downtown Los Angeles and other employment centers.