Global investors are aiming to turn Venice, CA into an enclave for the rich. They are aiming to continue the gentrification of the community with their billions, giving no concern for the Venice community and how their ‘investments’ are creating misery and despair for the generational and low-middle income families. The Venice community is already overwhelmed by mansionization, small-lot subdivisions, and new trendy alcohol-serving restaurants creating an over-concentration of alcohol and traffic hazards in our neighborhoods.
In October 2013, Global RE Investment Firm Colony Capital (with investors in China, England, France, Italy, Lebanon, South Korea, Spain, Taiwan, & U.S.) invested $50 million in American Coastal Properties (with Pritzker/Vlock Family):
In March 2014, American Coastal Properties purchased 714 Hampton Ave for $1.2 million. They believe that the FUTURE OF REAL ESTATE INVESTMENT in the Southern California Coastal regions over the next few years is in repositioning higher-end residential properties, as opposed to buy-to-rent flips, for which profit margins have been compressed.
Finding “up-and-coming” neighborhoods with dated housing stock that can be transformed into architectural design homes or town homes (small lot subdivisions) is their basic strategy, which represents true in-fill development.
