Every day, The Real Deal rounds up Los Angeles’ biggest real estate news. We update this page at 9 a.m. and 4 p.m. PT. Please send any tips or deals to tips@therealdeal.com
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Culver City has capped its rents. Elected officials in the Westside city voted 4-1 to cap annual rent hikes at 3 percent in buildings built before 1995. The measure expires in one year. They also adopted just-cause eviction protections, which means landlords need to prove a tenant violated certain terms in order to evict them, such as failure to pay rent. [LAT]
Mike Trout (credit: Keith Allison)
Angels slugger Mike Trout snags Newport Beach manse. Trout paid $9.2 million for the 9,000-square-foot home in the Harbor Ridge gated community. The 28-year-old New Jersey-born outfielder has good reason to settle down and celebrate. Earlier this year, Trout signed a 12-year, $426 million deal that could see him play the rest of his career for the franchise. [Variety]
Majordomo rebels against investor Stephen Ross. David Chang’s Chinatown restaurant donated all of its profits on Friday to a number of charities, including progressive organizations, in response to Ross’ highly publicized fundraiser for President Donald Trump at his Hamptons estate. Ross’ investment firm RSE Ventures backs the restaurant, and last week, Chang publicly called on Ross to cancel the fundraiser. [LAT]
Drawbridge Realty buys Santa Ana office complex for $98 million. The San Francisco firm bought the nearly 400,000-square-foot Pacific Center property from Pacific Coast Capital Partners and Brookhollow, which are based in L.A. and Costa Mesa, respectively. Drawbridge owns a neighboring property leased by Johnson & Johnson. [CO]
A $200 million artificial wave park is planned in Palm Desert. Desert Wave Ventures LLC wants to build a 5.5-acre surf pool, a hotel with up to 350 rooms, dozens of single-family homes, and retail. The firm aims to break ground sometime next. The wave pool will be pricey: its set to start at $135 per hour. [WSJ]
From left: GPI Companies co-founders Cliff Goldstein and Drew Planting, and GPI Cos. partner Lee Wagman
GPI Companies secures $300 million from California pension fund. The L.A. firm intends to use the money for multifamily, office and industrial properties, along with retail conversions. [TRD]
Luxury student housing is pushing low-income students away from campus. An analysis by Bloomberg of census data near UT Austin and the University of Michigan found a correlation between luxury student housing development and rising rents. Students from lower-income families are increasingly finding housing as far as an hour away from campus, resulting in a disconnect from campus life. [Bloomberg]
FROM THE CITY’S RECORDS:
An application was filed to make a 1939 home in Silver Lake a Historic-Cultural Monument. The home was designed by architect Harwell Hamilton Harris and sold in July 2018 for $1.5 million. [LADCP]