Professional Documents
Culture Documents
Who Owns Boyle Heights
Who Owns Boyle Heights
Union de Vecinos
UCLA Institute of Inequality and Democracy
General summary
Property owners have historically profited from access to power and political institutions. While many of
these structures have been dismantled, property owners continue to benefit not only from a greater
sense of security, but also from a different relationship to debt, stronger political representation and
connections, as well as support packages from the federal, state and local governments. In
neighborhoods like Boyle Heights, where nearly 75% of the residents are tenants, there exists a
significant disparity between the future that property owners and individuals with capital seek for this
neighborhood and the future that the tenants who form this neighborhood seek. Therefore, putting
forth the question “Who owns Boyle Heights?” at the forefront of this study, I seek to center the issue of
what forces are determining the direction of change in Boyle Heights.
When a building is bought up by a development company and eviction notices distributed, the building
is refurbished, and rents hiked up. The property owner begins to institute creeping changes and therein
slowly change the identity of Boyle Heights. In this way, property owners exercise power over the
identity of Boyle Heights in a way that tenants cannot. Meanwhile, property owners largely do not live in
Boyle Heights or contribute to the political, social, and cultural life of this neighborhood, although they
do profit from the value that Boyle Heights offers.
At the same time, tenants live in a continual state of precarity. This is what Madden and Marcuse,
following Marxist thought, have identified as Residential alienation (2016). Residential alienation
highlights the gap that separates tenants from the fate of the homes they occupy, drawing a parallel
with way that Marx identifies a continuous alienation between laborers and the product of their work.
This type of alienation exists in many forms, including tenets’ lack of information regarding the
ownership of their home and any planned changes. For example, a resident of Boyle Heights told me in a
conversation we had this summer that, while he has lived in a unit for 30 years, he has never met the
property owner and does not know who the owner is. This is not a rare occurrence and this asymmetry
of information ultimately benefits the property owner.
Property owners use a number of tactics to keep their identities hidden and to separate themselves
from the needs and demands of their tenants. One of these tactics is to use legal instruments such as
LLC’s (limited liability company) or LP’s (limited partnerships) that often times work through another
company to buy the property. In the case of Boyle Heights, about 20% of the properties assessed were
owned by an LLC or LP. Out of the large properties (10 units or more), nearly 37% are hidden behind
LLCs and LPs. A number of these are registered in other states including Delaware and Wyoming,
Nevada, which offer great privacy benefits for owners. For example, in order to register a corporation in
Delaware one is not required to give officer or director names. Furthermore, businesses registered in
Delaware, Nevada and Wyoming generally have more relaxed tax regulations, such as lack of state
corporate income tax. This gives the property owner another level of protection and offers a feeling of
security to their investors.
In Boyle Heights the main owners are not necessarily large international or national companies, but real
estate investment companies based in Los Angeles, as well as families that work through their own
networks to garner investors. For example, several of the main property owners in Boyle Heights are
individuals who leverage community connections to increase their investor base. It is worth considering
that these are not in
dividuals acting alone to buy property, but agents working through the support of their community
networks. Acquiring property and employing a strategy of expansion becomes an easier task when one
is not working as an individual, but through a network of people.
Knowing the strategies that property owners use to expand their hold on resources, it becomes clear
that any community response must also consider a strategy of networks that unites tenants. The
objective of this project is therefore to: (1) Identify the main property owners in Boyle Heights,
particularly those that hide behind LLC’s and LP’s, (2) Find the number of units and the addresses that
each owner has. (3) Investigate the property owners in order to find if they are affiliated with a company
or larger operation and identify their presence in Boyle Heights, (4) Create links between tenants that
have the same property owners and halt the expansion of gentrifying forces that abuse tenants in order
to enrich themselves and their investors. Overall, this investigation seeks to offer guidance toward the
organizing strategy of Union de Vecinos and to provide tenants with valuable information about
common property owners in order to facilitate coordination.
Methodology
To facilitate its continuation and replication, I include a brief overview of the methodology here.
Even though there are around 6,000 properties in Boyle Heights (including zip codes 90023, 90033, and
90063), this initial report only includes the findings for the investigation of 2000 properties. These
properties were not selected at random but represent the largest properties by number of units in three
zip codes of Boyle Heights including: 90023, 90033, 90063. Because of the selection criteria used, this
investigation does not include any properties that are below four units. This means that the total
numbers presented her may vary, but not by any significant amount.
In total, four databases of 500 properties were downloaded from Prospect now. The property owners
were coded into seven different categories, 1. LA County or Government, 2. Trusts, 3. LLC’s, 4. Individual
Owners, 5. Churches and Community, 6. Corporations or LP’s. Properties included Residential and
Commercial properties.
The focus was on the LLC’s and LP’s, which were investigated in the California Secretary of State website
through the business search function. Information that was recorded and captured for each property
included: Agent of service of process, business address, agent of service of process address, type of
company, and any other name identified in the documentation.
I then investigated the addresses and names included in order to uncover if any of the information
mentioned could help to draw links between larger operations or corporations. In this point I relied on
search engines, social media sites, and news article. Los Angeles Real Estate website, the Real Deal was
also very useful in identifying larger developers. All of the information was documented in the
spreadsheets.
When a name or address appeared more than once, I documented the connection. This list continued
expanding as I moved through zip code and properties.
For LLC’s registered outside of California or with a great deal of missing information, I relied on Property
Shark. Property Shark was very useful as it contains copies of deeds of trust, deeds of sale, loan
information, and other documentation that facilitated he process of finding the ownership status for
each property.
Importantly, this list non exhaustive and it is possible that there are other property owners in Boyle
Heights that are also of great importance that have not been included here. This report and the owners
it highlight should be considered an initial step into a greater investigation of who the property owners
in Boyle Heights are. Furthermore, I have included information in their description that I gathered from
my investigation. This information is in no way complete and should be considered an initial look at each
of the owners.
These owners have been mapped out and can be accessed in the following link:
https://www.google.com/maps/d/u/0/edit?mid=1y6LCKHWllGtfKxNfgnQboqtOpcBaTkYd&ll=34.048505
54400033%2C-118.21819780992813&z=15
Total Market
Name # Units Value of
Property
Fifteen Group 903 $ 35,932,480.00
East Los Angeles Community Corporation 398 $ 33,401,935.00
AMCAL- California Affordable Communities 205 $ 23,484,299.00
Gary Fredrick Almas and Joyce Almas 113 $ 7,373,157.00
Javanshir Rad 97 $ 8,384,257.00
Coda Equities 86 $ 6,750,419.00
De la Torre Family 73 $ 10,828,722.00
Offer Grinwald and Rami Grinwald- MR Investments 61 $ 10,270,204.00
LA PRO I PRESERVATION LP 54 $ 3,601,674.00
Adaptive Reality- Moses Kagan 49 $ 6,639,951.00
Winstar Properties 47 $ 4,729,753.00
Chih Wei Lee- RITZ Group 42 $ 3,530,831.00
B L Partners 41 $ 7,368,973.00
Albert and Alfred Navi 40 $ 3,630,709.00
City Wide Apartment Management 39 $ 3,754,299.00
Bold Capital-4D Development Investments (Pourbaba family) 32 $ 4,854,000.00
Michael and Nathan Kadisha 28 $ 3,694,200.00
Unknown 27 $ 246,276.00
James Malouf & Elias J Barhoum 27 $ 1,138,283.00
Massoud G Tayyar 27 $ 2,592,415.00
Harper Homes 24 $ 3,104,799.00
Frank BJ Turner- Dunlee Group 24 $ 4,063,260.00
VF Developments,Victoria Vu & BASCOM Group, Jerome Fink 22 $ 3,890,420.00
Vera R. Campbell 16 $ 2,725,000.00
Martin Muoto-SoLA Realty 13 $ 1,458,526.00
Benny Pirian and Piaman Pirian 12 $ 1,098,912.00
Andrew Raitt- Verono 12 $ 2,355,563.00
1. Fifteen Group
Associated names in
Thurman Interim California LLC
Boyle Heights
Address in Boyle
Zip code Units Market value Year of Purchase
Heights
2700 Camulos Pl 900023 374 $11,565,408
2901 E Olympic Blvd 90023 232 $7,231,620
2709 Camulos Pl 90023 158 $4,652,111 1998
2670 E 8th St 90023 126 $3,557,957 1998
2800 Glenn Ave 90023 9 $1,789,261 1998
3106 Aintree Ln 90023 4 $7,136,123 2003
Total 903 $ 35,932,480
This is an LLC registered in Delaware as a “Holding Company” under the names of Ian Sanders (Founder
and Principal) and Chris MacConnel (Controller). The source company is a Miami based company
described as a real estate focused private investment firm that also focuses on venture capital and
private equity. The fifteen group is a private company and not publicly traded.
Most of their work has focused in Miami where they have gained popularity for their work in flipping
large properties.
In 2019 the Fifteen Group was sued by an artist in-residence Colony Tenants Association, which was
founded in 1986. The location of this Association was 2345 South Santa Fe Avenue in Boyle Heights.
After purchasing the property and hiking up rents, the tenant association proposed to buy the property
from Fifteen Group. However, Fifteen Group increased the purchase price. This, the colony of tenants
argued was in violation of state housing law because they were not given the option to purchase the
house.
In 2011 Fifteen Group opened up an office in Los Angeles. Justin Toal was named Managing Principal
and Chief Investment Officer of the Los Angeles office. Matthew Vander Weff joined as Vice President. 1
According to new sources the Wyvenwood Apartments are 1,2000 units and has an annual income of
$10 million. In 2018 the complex was valued at $205 million by UBS. They have proposed building 4,400
residential units in that same site with residential, retail and office space.2
Associated names in LAS MARGARITAS LP, EAST LA COMMUNITY CORPORATION, LORENA TERRACE LTD
Boyle Heights PTNSHP
Address in Boyle
Heights Zip code Units Market value
2537 E 3rd St 90033 4 $471,228 2004
1462 Playground St 90033 6 $390,479 2004
417 N Soto St 90033 71 $331,908 2001
3553 Beswick St 90023 33 $5,901,752 2013
611 S Lorena St 90033 49 $7,115,744 2003
610 S St Louis St 90023 97 $10,823,123 2013
4125 Whittier Blvd 90023 25 $3,721,166 2014
952 S Record Ave 90023 12 $1,855,956
137 N Soto St 90033 6 $1,137,818 2010
115 N Soto St 90033 16 $351,137 2010
319 N Cummings St 90033 71 $187,301 2010
438 S Evergreen Ave 90033 4 $502,766 2019
2901 E 6th St V $34,500 1994
621 N Cummings St 90033 4 $577,057 2019
Total 398 $33,401,935
The East Los Angeles Community Corporation is one of the largest property owners in Boyle Heights.
This entity was started by Maria Cabildo who left the corporation in 2015 after 20 years- according to
record. She became the director of homeless initiatives for the Community Development Commission
1
https://www.businesswire.com/news/home/20110418006408/en/Fifteen-Group-Expands-Real-Estate-
Investment-Platform
2
https://therealdeal.com/la/2018/08/06/fifteen-group-secures-155m-to-refi-boyle-heights-resi-complex/
of Los Angeles and also ran for congress. She currently runs a consulting firm, Fireflower Partners. Maria
Cabildo boasts of protecting the character of Boyle Heights.
▪ 2611 Vallejo St
▪ 529 Euclid Ave
▪ 2516 Eastlake Ave
▪ 5463 Huntington Dr N
AMCAL is an affordable housing developer with a very strong presence in Boyle Heights. In their website
they note, “AMCAL develops affordable, market-rate and student rental housing in California, Texas and
Washington that improves the lives of residents and enhances their futures. Incorporating outstanding
design, topflight amenities, quality construction and sustainable building standards, AMCAL apartments
are long-term community assets sought after by tenants, municipalities and universities.”
In Boyle Heights, they are one of the main property owners and have built several complexes.
The name of Perical Vaz appears in relation to all of these properties. He is identified as the CEO and
founder of AMCAL.
They seem to be big players in the affordable housing world and tend to build mixed use buildings with
over 100 units of housing.
4. Gary Fredrick Almas and Joyce Almas-Linked to lawyer and asset manager, Jeffrey R Matsen
Associated names in Boyle Pheeps LLP, June Bug L L LP, H and R Boyle LLC, Almas Family Trust, Gary
Heights Almas
Address in Boyle Heights Zip code Units Market value Purchase Year
532 San Benito St 90033 30 $1,744,078 2006
2979 Marengo St 90033 71 $5,195,016 2017
2742 Lanfranco St 90033 8 $380,050 2015
520 S Boyle Ave (unsure if owners) 90033 4 $54,013 2010
Total 113 $ 7,373,157
Gary Almas owns a great amount of property in Downey California as well in Los Angeles and Pasadena. I
could not trace him back to a particular company other than Almaron Corporation, which seems to be a
small company with a few employees that looks like is no longer active. One particular aspect about him
as an owner is that most of his properties are registered in Nevada and Wyoming, particularly the Boyle
Heights properties. This could signal that he works with a group of investors and wants to reassure them
or perhaps that he is linked to a larger company.
Another associated name is Brian Almas and Susan Vinal, they are all linked to Mast Projects> Almaron
Group LLC> Almas Sherman LLC. These companies all seem to be linked to Almaron Corporation.
Jeffrey R Matsen is the lawyer that registers his LLCs and even though LA based, he registers companies
in other states’ Wyoming and Nevada. has appeared in with other properties and appears to facilitate
creating LLCs and LPs in other states.
5. Javanshir Rad
Associated names in SRD COMMERCIAL GROUP LLC, MRAD INVESTMENT LLC, RAD ENERGY, SOLUTIONS
Boyle Heights LLC, JAVAN 52 LLC, ZIBA MANAGEMENT LLC, Rad,Javanshir And Ivy Trs And Rad Trust
Address in Boyle Heights Zip code Units Market value Purchase Year
669 N Boyle Ave 90033 7 $821,915 2017
409 S Boyle Ave 90033 32 $2,156,819 2018
217 S Boyle Ave 90033 30 $1,999,180 2012
2222 Inez St 90023 21 $2,636,225 2018
1004 S Lorena St 90023 7 $770,118 2014
Total 97 $8,384,257
Javanashir Rad is associated with The Rad Firm APC, which appears to be headed by Monique Rad-Stein,
who is the daughter of Javanshir Rad and Ivy Rad. Javanshir also goes by the Anglo name of Danny Rad,
which seems to be a common practice in the Iranian community.
The social media profiles of the family (Danny Rad, Monique Rad-Stein, and Ivy Rad) reveal that they are
big Trump supporters and have a history of advocating against rent control measures, specially Monique
Rad Stein who seems to be the most public figure of the family. Ironically, Monique Rad Stein also
teaches ethics of law at USC. She notes that rent control measures makes the profits on property more
risky and can take some years to get the return on the property.
His daughter appears in a podcast in which she describes their investment strategy. She notes that they
gather up a group of investors- primarily from the Persian community in Los Angeles- and buy up
properties. Importantly, she notes that they (the Rads) always own no less than 51% of the properties
“we like to maintain control over the property in the future of the LLC. That’s one of the things that are
important to us”. She notes that they work specifically in Los Angeles because it is an area that is “able
to hold its value”
Their business model seems to depend in great part of the reputation that they have built for
themselves in the Persian community, which could mean that targeting them in organizing efforts could
belittle their reputation and put their investment model at risk. The fact that they work as individuals as
opposed to through a company means that their individual reputation is the most important guarantee
they can offer their investors. This makes their business model more vulnerable and could make them a
more strategic target in organizing efforts.
6. Coda Equities
Associated names in
Boyle Heights 2736 POMEROY LLC, 600 N SOTO LLC, 520 S ST LOUIS LLC, 150 N INDIANA LLC
Address in Boyle Zip
Heights code Units Market value Purchased Built
520 S St Louis St 90033 6 $967,571 2017 1972
600 N Soto St 90033 16 $1,790,788 2016 1924
2736 Pomeroy Ave 90033 54 $2,847,620 2019 1972
150 N Indiana St 90063 10 $1,144,440 2016 1972
Total 86 $6,750,419
Website http://codaequities.com/
Relevant media https://rebusinessonline.com/coda-equities-acquires-three-building-retail-plaza-
articles in-los-angeles-for-6-2m/
https://www.theeastsiderla.com/eastsider_on_the_go/highland-park-s-el-arco-
iris-plans-to-close-after-50-years-in-business/article_9e49ffbf-f905-5e32-a9ac-
22b235c48c3d.html
Coda Equities is associated with four addresses in Boyle Heights. They self-describe as, “fully-
integrated real estate investment firm that focuses on acquiring, managing and re-positioning both
commercial and multi-family properties
In the deed of sale appears the name of Dru Boyarsky who is identified as “Principal and Founder” of
Coda Equities. He shares this tittle with Jonah Garb, who appears to work the retail and commercial part
of the operation. They have had a number of public hearings in their redevelopment efforts, so it is
evident that they buy old or run-down buildings and restore them. I did not find much information
about other zones that they operate in, but found that they have property in Highland Park, Glassell
Park, and Glendale.
It is likely that Coda Equities only owns a share of these properties and they are managing the properties
for a number of other private investors. This company is not publicly traded.
Coda Equity used to be Building Block Realty.
Contact address 305 N SOTO ST SUITE D LOS ANGELES CA 90033- Cousins Realty.
Residential address 1796 St. Albans Road San Marino, CA 91108 (Mario)
Relevant names Derek A. Phillips, Armando de la Torre,
Website
Relevant media articles
Understanding who the De la Torre family handles its property ownership has appeared to be more
complicated that I initially thought. Mario de la Torre, who passed away in 2017, appears to be the
individual that led the real estate development company in the family. His obituary notes, “Mario
became a real estate broker in the early 1960s and he opened the family business Cousin's Realty in
1965. He began buying, developing, and selling Los Angeles real estate. Mario was a keen property
speculator.” He focused his real estate work primarily in Boyle Heights and bough up a great deal of
property there in his lifetime.
Most of the date of purchase appear to be between 2012 and 2013. It is possible that they just
transferred the ownership from an individual to an LLC or to a trust in anticipation of Mario de la Torre’s
death.
After his death and the death of his wife in 2017,it is not so clear who has taken over the family real
estate business. Mario de la Torre still appears as the owner of many of these as well as the Gila Bend
Trust (named after Mario’s hometown of Gila Bend, Arizona). A number of the properties in Boyle
Heights are owned under this trust, which makes me think that it is worth also investigating trusts in the
research.
His family tree is well explained in his obituary, which can provide us with key names and clues related
to who has kept the family business going after his death. “ Mario is survived by his sisters Theresa
Herrera and Carmen Villaseñor, his five children and their spouses Mario (Marilyn), Armando (Marlene),
Myrna (George), Edward (Cecelia), and Charles, his thirteen grandchildren and their spouses Jennifer,
Clarissa, Armando (Kerri), Nicholas, Lauren (Alex), Natalie, Amanda (Andy), Jaclyn, Brian, Priscilla,
Meaghan, Mercedes, and Matthew, and his great-grandson Logan.”3
The properties vary in ownership and some are owned in conjunction between different family
members. For example, 305 N. Soto, which is the is owned in 20% shares by four of De La Torre´s
children and his grandson Armando.
Armando de la Torre Jr. seems to be the one that has taken the most after his grandfather. He worked
for some time in his grandfather’s real estate company and after graduating university went on to found
Guisado’s with his father Armando de la Torre Sr.
I looked for the address of Armando de la Torre Jr. and what I could find was, 2221 Jerome Way.
Associated names in Boyle 3118 WABASH LLC, 519 FICKETT LLC, 2727 4TH LLC, 2621 4TH LLC, 615
Heights CAMULOS LLC
Address in Boyle Heights Zip code Units Market value Purchase Year
2458 Folsom St 90033 8 $675,587 2020
2727 E 4th St 90033 9 $1,244,400 2017
727 N Soto St 90033 19 $1,743,618 2020
2621 E 4th St 90033 5 $816,000 2018
519 N Fickett St 90033 2 $878,264 2012
615 Camulos St 90023 6 $910,710 2016
3118 Wabash Ave 90063 12 $4,001,625 2018
Total 61 $10,270,204
Contact address 6350 LAUREL CANYON BLVD, SUITE 257 NORTH HOLLYWOOD CA 91606
Residential address 6058 Melvin Ave, Tarzana, CA 91356 or 18937 Sylvan St, Reseda, CA 91335
Relevant names OFFER GRINWALD, Rami Grinwald as second signer, Jaclyn Grinwald is his wife
3
https://www.rosehills.com/obituaries/whittier-ca/mario-de-la-torre-7689540
Website https://www.mrinvestments.com/
Relevant media articles http://iecn.com/special-report-housing-san-bernardino/,
Rami Grinwald and Offer Grinwald are relatives that own and manage MR Investments appears as the
lawyer to MR Investments and Offer Grinwald is a licensed attorney. They are both listed under the
same address in North Hollywood associated with MRInvestments. My guess is that they began this
company to facilitate their property acquisition, but it is not a massive operation with other employees.
MR Investments self describes as, “MR Investments is a leader in property management services and
rental acquisition in the Los Angeles area. The professionals who work for MR Investments bring a
number of skills and years of experience to each and every project. We are highly knowledgeable about
the specific needs of owners and tenants in commercial, mixed use and multi-family properties, and
we’re always looking for the best ways to help out our clients.”
According to their websites, they currently have units available in their 2458 Folsom St. Apartment
Complex as well as in their 2137 E. Cesar Chavez units. They not only have properties in Los Angeles, but
also in Panorama City and Montebello. Section 8 vouchers are accepted in their properties.
MRInvestments does not have a good reputation and both Rami Grinwald and MRInvestments have
been identified as slumlords and been criticized for the lack of attention to their rental properties
Rami K. Grinwald has been previously identified as a slumlord and been convicted for slum violations in
an Eastside apartment building, according to an LA times 1995 article. He had been previously convicted.
In 1993 for violations in a 60-unit Highland Park complex.4
9. LA PRO I PRESERVATION LP
Contact address 21515 Hawthorne Blvd Ste 390Torrance, CA, 90503-6527 United States
Residential address
Relevant names William Szymczak
Website https://ppmginc.com/
Relevant media articles https://www.affordablehousingnews.com/issues/winter2019/
4
https://www.latimes.com/archives/la-xpm-1995-07-30-ci-29572-story.html
10. Adaptive Reality- Moses Kagan
Associated names in
NELA HOLDINGS LLC, ADAPTIVE MICRO LLC
Boyle Heights
Address in Boyle
Zip code Units Market value Purchase Year
Heights
2015 Michigan Ave 90033 6 $1,400,000 2019
2555 Cincinnati St 90033 6 $647,230 2013
2508 Pennsylvania Ave 90033 6 $581,551 2013
600 N Mott St 90033 6 $726,233 2013
2531 Cincinnati St 90033 5 $850,000 2019
3121 W TEMPLE ST
(Adaptive Micro LLC) 90026 5 $811,457 2020
1700 Kearney St 90033 6 $516,485 2014
651 S Mathews St 90023 5 $574,025 2013
636 N Cummings St 90033 4 $532,970 2014
Total 49 $6,639,951
Residential address
1017 Myra Ave Los Angeles California 90029 (was bought by Moses Kagan´s parents),
Relevant names Moses Kagan, Celeste Rhine, Simran Winkelstern (Moses's wife)
Website https://www.adaptiverealty.com/about-us
https://la.curbed.com/2014/5/28/10094384/boyle-heights-freaks-out-at-being-sold-as-the-next-
Relevant media articles downtown
https://kagansblog.com/
I would put this one at the top of the list for organizing action considering their presence in other parts
of East Los Angeles and desire to expand.
Adaptive Realty received a Paycheck Protection loan in the pandemic relief program. The loan is
between $150,000 and $350,000 and was approved the 12th OF April of 2020 by First Republic Bank.
According to this information, the total 2019 Payroll expenses were between $720,000 and $1.2 Million,
which means the compensation is between $31,304 and $73,043 per employee. This is very useful
information to consider and keep in mind in the case that they have been threatening tenants with
eviction.
Moses Kagan, the Co-Founder of Adaptive Realty, a property management company, certainly
succeeded when he grew Adaptive Realty from zero to $110 million of property under management. He
credits this to the unique business model that they use where they buy beat-up, old apartment buildings
and then renovate those into exceptional properties. They are now managing about 650 units, half of
which are company-owned and half-owned by third parties.”5
Kagan’s description of how their business model works could indicate a potential danger for tenants that
live in buildings he buys.“Our business model is to buy beat-up, old apartment buildings in about five or
six neighborhoods in Los Angeles. We gut renovate the buildings. We vacate them entirely. We renovate
them to the studs. We replace electric, plumbing, windows and roof, upgrade the foundation and move
walls. We do everything to restore the building so that it lasts for a long time and to optimize the square
footage to maximize the rent per square foot.”
Moses Kagan’s Real Estate reveals that the focus of his business is on East side LA Real Estate.
In January of 2020 Adaptive Realty partnered up Ludovico Marenzi to launch Hyperion Property
Management, which is fully devoted to property management and will never do sales or leasing. This is
useful in case the name comes up, it will be easy to know who is behind this new company.
Interestingly, in his blog Moses Kagan notes “I idolize Schwarzman, who founded Blackstone and built it
into, by far, the largest manager of alternative assets in the world”. His admiration for the work of
Blackstone is revealing of his ambitions and what he considers his objectives as a developer.
RIVERSOTO APARTMENTS LLC, Manhattan Manor (not used in Boyle Heights, but
Associated names in
identified as a holding company for Winstar Properties)
Boyle Heights
Address in Boyle Zip
Units Market value Purchase Year
Heights code
9003
219 N Soto St 3 39 $3,084,241 2015
9006
4330 City Terrace Dr 3 8 $1,645,512 2016
Total 47 $4,729,753
5
https://lifebridgecapital.com/2019/07/21/ws273-repositioning-80-apartment-buildings-with-moses-kagan/
Winstar properties is a Real Estate Investment and Management Firm in Los Angeles. Reading over
media notes it is evident that they have a particularly bad reputation as landlords, particularly of buying
of property and raising rents and continuously giving their tenants eviction notices with hopes that they
will tire out and move. For example, in El Sereno- East LA, Winstar properties has bought up housing
and quickly raised the rents, making it clear they wanted to transform the apartments into student
housing. This was also the case of Evans Apartments in Alhambra.
Jonathan Wintner is a Co-Founder, the CEO and President of Winstar Properties, a Los Angeles based
Real Estate Investment and Management Firm. Winstar Properties has acquired over 110 properties and
4,000 apartment units totaling over $800,000,000 in asset value since November 2008.6
I was not able to find a great deal of information on this entity, but it seems to be a group of investors
that are lef by the Lee family. According to the information I found out about them, they appear to own
a great deal of property in other parts of California around Los Angeles County including Anaheim, El
Monte, Riverside.
Other companies that associated with these names include, La Puente Villa LLC, Ritz Group II LLC,
Trainon Capital LLC, Ritz Financial LLC Ritz Equity Management Inc., Ramona Garden Apartment LLC
6
https://greenpearl.com/speakers/jonathan-wintner/
• 9405 Pradera Ave, Montclair, CA 91763
• 7523 Homewood Ct, Pleasanton, CA 94588
• 1054 Orange St, Riverside, CA 92501
• 1140 Central Ave, Riverside, CA 92507
• 17901 Baron Cir, Huntington Beach, CA 92647
• 1266 35th Ave, San Francisco, CA 94122
• 2122 S Broden St, Anaheim, CA 92802
• 3678 Torrey View Ct, San Diego, CA 92130
• 1301 Green Haven Dr, Oakdale, CA 95361
13. B L Partners
Keith Lafond, Lafond Family Trust, C Tr C Berliner Trust, Allen J Berliner, Allen J Berliner,
Irving Y Berliner, Myron Berliner, Keith Lafond, Norma Lafond, Chizuko N Berliner, Berliner
Relevant names Chizuko
Website
Relevant media articles
Even though these appear as one of the main property owners in Boyle Heights (by number of total
properties), there is not much information about them. The B L Partners names seems to refer to the
two families that are behind this group of people, the LaFond’s and the Berliner’s. I can’t find the point
of relation, but I think they are extended family and work involving different family members to buy up
properties throughout Los Angeles and surrounding areas.
The two main names behind this operation are Norma and Keith LaFond who are husband and wife.
Keith is a Doctor of Pharmacy, graduated in 1963 from USC and is a member of the USC’s Board of
Counselors. Keith Lafond is President of Alhambra Professional Pharmacy, Monterey Park Professional
Pharmacy, and Lincoln Heights Professional Pharmacy. My guess is that they are a wealthy family with
original ties to Boyle Heights that have continued buying up properties and investing in the area.
The property values that appear for their properties are drastically low, which makes me think that they
bought the property from each other or that they bought it a long time ago.
Jesee Hurkman, Alfred Navi, Alber Navi Dalia Sandogh (appears to be Alfred Navi´s wife),
Relevant names Alfred Navidzadeh, Daniel N Navi, David Navi, Esther Navi
Website
Relevant media articles
The Navi brothers are owners of Navi Brothers Enterprise and LA Imports fine jewelry. The brothers are
dedicated to the jewelry business and in fact the contact address at 550 S Hill Suite is a jewelry store. It
seems that their main business is jewelry and they hold real estate property throughout Los Angeles as
well. The brothers are of Iranian descent as many of the other investors that have significant presence in
Boyle Heights.
Their links to the jewelry world and the number of properties they own I would not be surprised if they
are involved in some sort of laundering scheme.
They are also linked to Lakeview Apartments LLC, Oceanview Park LLC, Sunset Apartments LLC,
Forestview Apartments LLC, Butte Creek Mobile Home Park LLC, A and A Investments LLC, Buttle Creek
Mobile Home Park, LLC. Alfred Navi is also the owner of Buttle Creek Mobile Park in Chico California,
which has generally good reviews. From their other properties it is evident that they demographic of
focus is low income groups.
Associated names in
MENLO APARTMENT GROUP LLC, CHICAGO STREET INVESTORS LLC
Boyle Heights
Address in Boyle Heights Zip code Units Market value Purchase Year
234 N Chicago St 90033 22 $2,066,884 2016
2112 E 4th St 90033 5 $540,909 2019
3860 Eagle S 90063 12 $1,146,506 2015
Total 39 $3,754,299
Contact address 202 North Canon Drive 90210, 15335 MORRISON ST STE 104 SHERMAN OAKS CA 91403
Residential address For Mitchell and Kimberly Burger 10778 Weyburn Aveos Angeles, CA 90024
MITCHELL I BURGER, Kimberly Burger, StephenMoritz, John L. Schwartz, May Kim, and Beatriz
Relevant names Martinez
Website http://www.citywidemgmt.net/
Relevant media articles
Mitchell Burger is the president of City-Wide Apartment Management and a number of other LLCs
through which they operate. According to their website they have three other properties in North
Hollywood (61 units), 1 property in West Hollywood (7 units), 2 properties in Van Nuys (58 units), and a
property in Alondra.
Mitchell also has a law office in 10880 Wilshire, which he appears to use to support the work of City-
Wide Apartment Management. This one I would like to revise again because I am unsure that they truly
own all of the properties that they appear to manage even though they appear in the deed.
Associated names in
138 Soto Apartments Llc, 706 SOTO APARTMENTS LLC
Boyle Heights
Address in Boyle
Zip code Units Market value Purchase Year
Heights
706 N Soto St 90033 12 $1,890,000 2019
138 N Soto St 90033 20 $2,964,000
Total 32 $4,854,000
Dustin Pourbaba signs the documents, but David Pourbaba is the one that signs the deed and the
Relevant names loans. Purbaba Farhad Individualand Trustee, Shirley Pourbaba (David´s wife)
Website https://www.4ddevelopment.us/about-1,
https://therealdeal.com/la/2019/02/19/developer-plans-new-apartment-complex-on-the-
Relevant media articles border-of-koreatown/
http://melissamacfadyennews.com/2018/06/27/david-pourbaba-plans-115-unit-
development-for-west-adams-lot/
http://www.ladowntownnews.com/development/a-grand-addition-to-the-housing-
scene/article_fe6f4798-d91c-11e7-b62f-f3d2b97a2523.html
In Boyle Heights there are two buildings associated with the Pourbaba family (David and Dustin
Pourbaba). Considering their development history and focus on high rises, I would consider it important
to have these on the radar and to incorporate them in any organizing strategy.
Dustin Pourbaba appears as the CEO and Founder of Bold Capital. According to the information on the
website, “Pourbaba oversees the Company's investments in multiple areas, including real estate,
technology, and most recently dining. Pourbaba currently serves as the Head of Acquisitions at 4D
Development & Investments, a Los Angeles based firm focused on acquiring and developing mixed-use,
commercial, and residential assets.
David and Dustin Pourbaba are developers of significance in West Hollywood. It seems that they are
father and son, David Pourbaba is the father and the Founder and CEO of 4D Development and
Investments. Meanwhile, Dustin is his son and runs his own company, Bold Capital. Both of these
companies seem to be really integrated. While Bold Capital appears as the owner of the properties in
Boyle Heights- according to the Secretary of State records, David Pourbaba appears as the signer of the
deed and assignment of rents.
David Pourbaba seems to specialize in high tower developments and after focusing in areas such as west
Hollywoood for some time, in 2017 he started new projects in Downtown. His most notable Downtown
project is the luxury apartment building in 1249 S. Grand Ave, which was a $35 million project.
Both apartment complexes associated with the Pourbaba´s in Boyle Heights are lone standing and could
potentially have a lot of redevelopment potential because of their square footage.
These properties are tied to wealthy individuals and developers, but the question remains of between
who and how exactly these connections exist.
For the property in 2236 Whittier Blvd. Nathan Kadisha appears as the signer along with Brian Neman.
Brian Neman has been linked with previous development efforts in Boyle Heights that have been called
out as a gentrifying force by Defend Boyle Heights.
In the deeds of the other property only the names of Michael and Nathan Kadisha appear, which makes
me believe that they are primary owners. I was trying to find out if there are related to Neil Kadisha who
is a Los Angeles billionaire and has made his fortune on real estate investment. However, I could not find
a direct link, although I think this avenue is worth exploring.
Michael Kadisha appears to be a general partner in Treedom House, which is a “privately-held impact
investment fund, owned and operated by members of the Kadisha family”. There is not much further
information about this group and what their purpose is.
Finally, another important link here is that the address of registration for these different properties,
1433 Griffith Ave Los Angeles, CA 90021, is owned by Griffith Partners LLC. The individual that appears
as the Agent for Service of Process is Jacob Taban. Jacob Taban is part of what “The Real Deal” has called
one of Los Angeles Royal Families of Real Estate. 7
Both of the LLCs listed as the owners for these properties owners are registered in Delaware, which
signals that they are putting a big effort into keeping their identities hidden.
Associated names in Boyle 329 BREED LLC, 2760 BOULDER LLC, 2411 FOLSOM LLC, 500 SOTO LLC, Kaeru LLC
Heights
Address in Boyle Heights Zip code Units Market value Purchase Year
329 N Breed St 90033 8 $91,368 2015
2760 Boulder St 9003 8 $84,562 2015
2411 Folsom St 90033 6 $68,768 2015
500 N Soto St 90033 5 $70,346 2015
Total 27 $246,276
Contact address 2275 HUNTINGTON DRIVE, SUITE 379 SAN MARION CA 91108, 4778 Dewey Dr. 95628
Residential address
Relevant names Cecilia Chambers, Jeane Minato, Kyoshi Elden Minato, Alan Minato, jeanne Pickering
Website
Relevant media articles
This one I could not properly identify the owner behind these LLCs. They use a generic registered agent
(Anderson Registered Agents- Amy Kasprzyk) and the addresses don’t really lead to offices or anywhere
in particular. The LLCs are all registered under the purpose of Asset Management. The LLCs are all linked
to Kaeru LLC, which is registered in 3224 McLeod Dr. Suite 100 Las Vegas, Nevada. The individual that
appears as the agent for that LLC is A.T. Mathis who is a lawyer for Anderson Asset management.
One thing that is notable about these properties is that the market value that appears on the website is
notably low (this is behind the low total value). Another thing that is notable is all show be purchased in
2015 from Jeane Minato and Kyoshi Elden Minato and their common trust. Their son Alan Minato might
be behind these properties. 8 I could only find one reference to an Alan Minato and this was tied to a
strip club, large number of guns, and a police lawsuit.9
7
https://therealdeal.com/la/issues_articles/the-royal-families/
8
https://www.fukuimortuary.com/obituary/rikie-minato
9
https://www.sgvtribune.com/2015/04/06/crazy-horse-sams-hofbrau-strip-club-owner-suing-lapd-for-destroying-
75k-worth-of-guns/
Associated names in Boyle
James Malouf &Elias J Barhoum
Heights
Address in Boyle Heights Zip code Units Market value Purchase Year
2101 E 4th St 90033 24 618283 2009
2107 E 4th St 90033 3 520,005 2009
Total 27 $1,138,283
James Malouf and Elias J Barhoum used to own the property in 141 E. 51st St and they had faced some
problems with his because of some violations, which caused the placement of the property into the Rent
Escrow Account Program by the city of Los Angeles. 10 From this information it appears that they are
probably not the best landlords.
Contact address
Residential address 2147 Lyans Dr, La Canada Flt, CA, 91011-1541
Relevant names Sara A Tayyar, Jared Tayyar, Cynthia Salinas, Massoud G Tayyar
Website
Relevant media articles
10
http://clkrep.lacity.org/onlinedocs/2008/08-0005-S180_ca_03-26-08.pdf
I could not find muct about Massoud Tayyar other than that he is of Persian descent. He has allegedly
previously filed for bankruptcy.
Harper Homes received a Paycheck Protection loan in the pandemic relief program. The loan is between
$150,000 and $350,000. They also appear to be linked to the Fabric business. Edvin Malekan is listed as
the Chief Financial Officer of Palisade Fabric.
It seems that they bought property from the city located at, 265 SOUTH LA PEER DRIVE Beverly Hills. 11
Associated names in
BOYLE MARIACHI LLC, Dunleer
Boyle Heights
Address in Boyle
Zip code Units Market value
Heights
1815 E 2nd S 90033 24 $4,063,260 2016
Total 24 $ 4,063,260
11
http://beverlyhills.granicus.com/MetaViewer.php?view_id=49&event_id=3745&meta_id=372038
Frank BJ Turner is the Founder of Dunleer. “Dunleer LLC is a real estate investment and development
company that specializes in niche-focused, value-add real estate investing in Southern California.
Dunleer offers a differentiated approach to investing through deep industry knowledge, operational
expertise, a design-driven philosophy and long-term partnerships.”
It is evident that Dunleer in great part depends and profits from the social infrastructure created in
Boyle Heights and Los Angeles at large. In an article he is quoted as saying “We have always viewed Los
Angeles with its growing tech and media industries, high quality of life and strong population growth as
a continued expansion market for our property portfolios. We view Silver Lake, Koreatown and the
continued expansion of USC as some of the city’s preeminent multifamily locations. This portfolio
refinance allows us to be long-term owners in key Los Angeles submarkets and to provide a compelling
and engaging apartment offering to our valued tenants.”12
They have recently sold developments in Hollywood and Highland Park in the mid-range income level.
Associated names
VF DevelopmentsVictoria Vu & Jerome Fink- BASCOM Group
in Boyle Heights
Address in Boyle Zip
Units Market value Purchase Year
Heights code
2511 Pennsylvania
90033 6 $851,700 2018
Ave
215 N Fickett St 90033 6 $1,122,000 2017
1023 Tremont St 90033 5 $1,020,000
627 Brittania St 90033 5 $896,720 2018
Total 22 $3,890,420
These two properties appear to be jointly owned between Bascom Group and VF Developments.
Bascom Group is a private equity firm focused on property acquisition. The business started in the midst
12
https://yieldpro.com/2019/04/dunleer-announces-14-75m-refinancing-of-four-property-portfolio/
of the foreclosure and job crisis in the 1990 and “Transforming distressed properties into contemporary,
award winning market ready homes and apartment communities”
Bascom Group has had cases of negligence and destroying the personal property of its tenants. Their
process of acquiring property and remodeling in order to increase rents has been a strategy that they
have employed since its creation in the 1990s. In 1999 the LAtimes wrote a story focusing on their
tactics. They began using this strategy of buying and renovating in different areas around Los Angeles
including Redondo Beach and Orange County. In this story Fink revealed that Bascom Group buys
buildings in partnership with investments funds backed by pensions funds and life insurance companies.
These kinds of groups prey on the demand for housing and use that to their power in order to abuse of
tenants.
In a 2018 article that reports on their recent acquisition of a new multifamily complex in Southeast Los Angeles, it
is noted that “ Since 1996, Bascom and its affiliates have acquired 322 multifamily properties
throughout the United States, totaling more than 84,000 units. Island Apartments marks Bascom's
172nd multifamily property closed in California. Over the past twelve months, Bascom has completed
over $1.2 billion in multifamily transactions throughout the United States.” 13 From this, it is evident that
The other company in question here is VF Developments, which is led by Victoria Vu. They have gained a
lot of attention recently because they issued an eviction notice to the tenants of a newly acquired
building in Chinatown. Her objective is to begin renovations in the property as soon as possible after
purchasing and increase rents. Both VF Developments and Bascom Group demonstrate a history of
abusing low income tenants and leaving people in a state of vulnerability when they buy up the
properties.
The relationship between these groups is not so clean cut, but below I include an image of how their
signatures appear in some of the documents to facilitate interpretation.
13
https://www.prnewswire.com/news-releases/bascom-group-acquires-78-unit-southeast-los-angeles-apartment-
community-for-12-55-million-300689081.html
Associated names in
BOYLE PROPERTIES LLC
Boyle Heights
Address in Boyle
Heights Zip code Units Market value Purchase Year
120 S Boyle Ave 90033 16 $2,725,000 2019
Total 16 $2,725,000
The company is particularly focused on vulnerable populations (Black and Latino communities) in
southcentral Los Angeles. They continuously mention social impact strategies and improving the quality of
life of the communities they work with, but also their objective to deliver superior financial returns.
“SoLa Impact is a family of real-estate funds with a double bottom line strategy focused on preserving,
refreshing, and creating high-quality affordable housing in low-income communities. Its proven track record
leverages data-driven social impact strategies to deliver superior financial returns. SoLa Impact’s most recent
$100 million Opportunity Zone (OZ) fund invests in designated OZs in South Central Los Angeles, Watts,
Compton, and other historically disadvantaged communities. SoLa’s non-profit affiliate, the SoLa I CAN!
Foundation targets the critical issues of homelessness, access to higher education, and creating living-wage
jobs in these communities.”
▪ 6908 S Hoover St
▪ 801 W 97th St
▪ 851 W 94th St
▪ 7414 S Vermont Ave
▪ 1344 1/2 W 94th St
26. Benny Pirian and Piaman Pirian
Associated names in
Benny Piriam and Pirian Piaman
Boyle Heights
Address in Boyle
Zip code Units Market value
Heights
3209 Dobinson St 90063 12 $1,098,912 2018
Total 12 $1,098,912
Contact address
Residential address
Relevant names
Website
https://therealdeal.com/la/2019/11/13/former-car-wash-owners-propose-
Relevant media articles 139-unit-development-in-los-feliz/
The Pirian Brother are a pair of Iranian American brothers that own one property in Boyle Heights.
Although, they don’t have a significant presence in Boyle Heights they are included in this list as they
have a history of wage theft and also have a strong development presence in other areas of Los Angeles.
Around 2010 the brothers were sent to jail because of wage theft in their Los Angeles car wash. They did
not serve time but paid a $1.25 million fine. In 2019 it was proposed that they would build a 139-unit
development in Los Feliz.
They were abusive as employers, so I imagine they have a similar relationship to their tenants.
Associated names
PERCY 1 LLC, PERCY 2 LLC
in Boyle Heights
Address in Boyle
Purchase Year
Heights Zip code Units Market value
3648 Percy St 90023 6 $1,184,206 2016
3429 Percy St 90023 6 $1,171,357 2015
Total 12 $2,355,563
Contact address
Residential
address
Relevant names Andrew Raitt, Christine Var Raitt, Gabriela Flores
Website Website: https://www.verono.com/about
Relevant media https://informedinfrastructure.com/46610/verono-homes-breaks-ground-in-north-
articles hollywood-with-latest-project-outline-at-noho/
Verono, owned and managed by Andrew Raitt, is a business focused on buying up small properties and
renovating them in order to increase profits. Essentially it is a chic house fipping company In the past
they have focused their efforts on north Hollywood. On their website they boast a collection of twenty-
seven mindful homes in North Hollywood. They also have projects in Venice and appear to be slowly
moving in east. They bought their first home in Boyle Heights in 2015 and acquired their second nearby
in 2016.
Review of Findings
Geographies of ownership
In this research it has become evident that the main property owners of Boyle Heights do not live in
Boyle Height or nearby areas. Many of the property owners identified that many live in areas such as
San Marino, Pasadena, Newport Beach, Beverly Hills,etc. The property owners are therefore completely
detached from the area that sustains them. Every month there is a great transfer of wealth in the form
of rents from Boyle Heights and it is worth considering how these areas are dependent on Boyle Heights
not just for labor, but also financially.
Below is a quick collage that I put together of the residences of property owners and the properties they
own in Boyle Heights.
Ownership trends
In this section I have included a couple of charts and tables that highlight the ownership trends in the
properties included in this study. These charts show the distribution of ownership in all properties and in
properties that are 10 units or more.
One can see here that overall, 18% of properties are owners though an LLCs or LP, this number doubles
to 36% when one considers the larger properties in Boyle Heights.
Overall, the largest number of properties are owned by individual owners with 57% of total properties.
This type of ownership is predominant in smaller units.
Distribution of ownership type in all properties studied
8%1%
1% LA County
15%
Church
Trust
18% LLC and LP
4% 1%
LA County
22% 11%
Church
Trust
LLC and LP
Below is a table of the different states of registration for the LLC’s studied. The majority are registered in
California with a few in Delaware, Nevada, and Wyoming. Importantly, this does not include parent
companies which are often registered outside of the state as well.
Below I have included a list of possible next steps that can be considered in the continuing work of
Union de Vecinos.
• Find the links and addresses that these different companies/individuals have in other areas of
Los Angeles. The anti-eviction mapping project is working on a project with similar ambitions at
a Los Angeles level. It will be important to share this information with them to help scale up
their work.
• Share the information presented here with the tenants living in the addresses listed in order to
solidify their knowledge of who their property owners are.
• Identify the properties at risk of foreclosure in Boyle Heights and follow up on who is buying
those properties.
• A lot of the owners that are moving into Boyle Heights are individuals or groups that depend on
the support from their immediate communities. Shaming them or putting their reputation at
risk could push their investors to back out their support and their business schemes in peril.
• Categorize and differentiate properties between large- and small-scale property owners. This
has been done in Cataluña and has been key in the organizing efforts of tenants unions.