Every day, The Real Deal rounds up Los Angeles’ biggest real estate news. We update this page at 9 a.m., 12 p.m., and 4 p.m. PT. Please send any tips or deals to tips@therealdeal.com
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Zuckerberg-tied investment firm Iconiq Capital scoops up rentals nationwide. The San Francisco-based firm has bought more than 1,600 rentals in L.A., Seattle, and Denver, and is in contract to buy more. Along with managing its own investment funds for clients like Mark Zuckerberg to invest in, Iconiq manages clients’ personal fortunes. [WSJ]
Real estate investor and murder is apprehended in Mexico. Peter Chadwick of Newport Beach is suspected of killing his wife in 2012. Chadwick was charged after the killing, but disappeared in 2015, after withdrawing millions of dollars from his bank accounts. [CBS]
The 2018 Carr Fire (credit: California Bureau of Land Management)
Cal State Long Beach approves 476-bed dormitory complex. The $100 million Parkside North Housing project is part of an update to the school’s master plan and calls for two L-shaped dorm buildings. Gensler is designing the project, which the university expects to complete by 2021. [Urbanize]
Clockwise from top left: 1469 Bel Air Road, 141 South Cliffwood Avenue, 921 Rivas Canyon Road and 521 Chalette Drive (Credit: TheMLS.com)
Panic room-equipped Bel Air home was LA County’s top sale last week. Dubbed “Almafi Bel Air,” the home sold for $14 million, about $10 million less than it first list price. The five priciest residential sales last week included homes in Brentwood, Beverly Hills and Bel Air. [TRD]
Investment bankers angle for lead role in WeWork IPO. With a relationship cultivated over many years and many deals, JPMorgan is expected to take first position in The We Company’s IPO syndicate, but rivals Goldman Sachs and Morgan Stanley are close behind. JPMorgan has been the company’s — and CEO Adam Neumann’s — biggest lender, and is helping arrange an unconventional a $6 billion debt package that depends on the IPO raising at least $3 billion. [Bloomberg]
Barney’s signage at its 660 Madison Avenue flagship location (Credit: Getty Images)
Barneys files for bankruptcy. Less than a day after reports that the department store chain was in talks for a bankruptcy loan, Barneys has secured $75 million in financing from Gordon Brothers and Hilco Global and filed for Chapter 11 bankruptcy as it plans for a formal sales process. The chain plans to close 15 of its 22 locations, but the Madison Avenue flagship — which accounts for one-third of the company’s revenue and has recently seen its annual rent nearly double — will remain open. [NYT]
Puerto Rico’s hotels and condos hit by political turmoil. The island’s lodging and luxury housing markets, still recovering from the fallout of Hurricane Maria, the Zika virus and a debt crisis, took another blow last week when Gov. Ricardo Rosselló resigned amid protests and scandal. Blackstone, which bet bit on the island’s promise in 2005, recently sold one hotel to a local builder and is looking to sell another. [WSJ]
FROM THE CITY’S RECORDS:
An application to designate the former Hollywood Art Center School a Historic-Cultural Monument was filed on Monday. The three-acre former private art school sold in January for $6.5 million, although it’s unclear if there are plans to redevelop it. [LADCP]
Compiled by Dennis Lynch