Skid Row Housing Trust – Receivership Services
Skid Row Housing Trust: Receivership Services
Location: Los Angeles (Skid Row), California
Portfolio: 28 Low-Income Housing Projects | 2,080 Rental Units
Client: City of Los Angeles
Date: July 2023
Overview
In July 2023, RMC Realty Advisors, was engaged by Superior Court Receiver Kevin Singer to repair, stabilize, and reposition a distressed portfolio of 28 low-income housing properties in Los Angeles in the Skid Row area. The effort, backed by a $30 million loan from the City of Los Angeles, focused on improving property operations, rehabilitating units, housing the homeless, and ultimately transitioning assets to long-term operators or owners.
Scope of Services
Asset Management
- Oversaw full-cycle operations: property management, rehab, leasing, and dispositions.
- Leased 173 vacant units to house individuals experiencing homelessness.
- Maintained continuous engagement with City officials and stakeholders to coordinate progress and align strategy.
Rehabilitation & Compliance
- 600+ LAHD and 200+ HACLA health and safety violations resolved.
- Renovated and returned 300 units to rent-ready condition.
- Delivered comprehensive rehab work across all properties within a $4.0 million budget.
- Sourced and guided local artist, who created multi-cultural mural project, highlighting several African-American and Hispanic cultural icons.
Disposition
- Transitioned 11 properties to new general partners, securing stable, long-term oversight.
- Sold 17 properties to private investors, achieving over $20 million in gross sales.
Results & Impact
RMC Realty Advisors’ hands-on and detail-oriented approach led to the successful stabilization of severely distressed housing assets. By addressing critical habitability issues, securing new tenants, and transitioning ownership, RMC enabled the City to provide safe, functional housing for vulnerable populations and safeguard long-term viability through new ownership structures.
