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. ET. Please send any tips or deals to firstname.lastname@example.org
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Reseda pushes back on L.A.’s homeless shelter plan. The neighborhood council opposes building shelters at any of the five city parking lots identified by Councilman Bob Blumenfield. Residents want the city to look at other parts of the district. Opponents claim a shelter would lower property values and hurt businesses, a running refrain from communities as the city tries to expand it temporary homeless shelter program. [LADN]
A Westminster senior living complex sells for top dollar. Zinn Group sold the 310-unit property for $71 million. The firm had owned HW Senior Living Apartments for 30 years. The buyer was a Delaware-based entity. Berkadia represented Zinn in the deal.
A Holmby Hills “fortress” topped last week’s priciest resi listings in L.A. The Mapleton Drive home spans 15,350 square feet and is on the market for $55 million. Also listed were a 20,000-square-foot home in the Hollywood Hills asking $43.9 million and another Holmby Hills mansion asking $27.5 million. [TRD]
“Perhaps it has a business model that can be as successful as ours.” That was Douglas Durst’s rebuke of a WeWork claim that its business model can withstand all economic cycles, “something created by no other real estate company ever.” In a letter published by Crain’s, Durst proceeded to list the legacy of his family company, which has withstood wars, recessions, depressions, booms and busts. [Crain’s]
Landlords are using co-working companies to fill space in Opportunity Zones. A major challenge for building owners has been to draw businesses, and tenants, to distressed areas. The answer, for some, is to introduce co-working companies to their buildings, which in turn, attract startups, and entrepreneurial activity, giving those areas a boost. [NYT]
Dr. Dre makes quick $4.5 million sale of Woodland Hills home. The music and media mogul listed the 16,200-square-foot home in July for $5.3 million. The home dates from 1987 and includes eight bedrooms, a dry sauna, and a saltwater swimming pool. [LAT]
FROM THE CITY’S RECORDS:
Senior housing developer Decro has filed plans for a new 40-unit permanent supportive housing project at 5050-5054 North Bakman Avenue in North Hollywood. [LADCP]