Plans for a 21 unit, five story Transit Oriented Community (TOC) residential building will be reviewed Thursday by the land use committee of the Chatsworth Neighborhood Council.
The project at 10208-10212 Topanga Canyon Blvd. will have only 11 parking spaces. State law overrides local zoning for TOC developments to require as few as zero spaces because of nearby availability of mass transit.
TOC developers are also allowed to seek exemptions from required setbacks, open space and height restrictions.
This project would be 55 feet in an area normally limited to 45 feet by the Chatsworth Specific Plan.
A building to house the homeless is under construction across the street.
The land use committee meeting will be held at 6:30 p.m. on Zoom.
In essence, it’s the pooling of capital to invest in a real estate opportunity. The benefit of putting this capital together is that it might make it possible to purchase and pursue opportunities that one person may not be able to acquire on their own. And as we all know bigger the deal and the unit numbers, the better.
A famous example of this was the syndication led by Helmsley & Malkin where they ran a group of investors to buy the Empire State Building in the 1960s for $65 million, many of whom contributed only $10,000 each.
How a syndication differs from a real estate fund is that with a syndication, the asset is already identified and the money is raised for that specific opportunity. With a real estate fund, it’s more of a blind trust where capital is raised based on the sponsor’s vision, track record, and reputation. After raising that capital, the fund sponsors will then go out and acquire properties.
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