By Liam Dillon | LA Times
A Beverly Hills developer has agreed to pay $10 million to acquire one of the largest portfolios of homeless housing in Los Angeles.
Leo Pustilnikov, 38, will buy 17 buildings owned by the nonprofit Skid Row Housing Trust, which had financially collapsed into receivership last year. The properties, made up of single-room occupancy hotels and small apartment complexes, contain 1,200 units intended for formerly homeless tenants, many of whom are elderly, disabled or suffer from mental health problems. The deal requires judicial approval, which is scheduled in Los Angeles County Superior Court next month.
Under the terms of the deal, first reported by The Times this month and formally announced in court papers filed by Receivership Specialists on Friday, Pustilnikov will pay $19 million for the portfolio and then receive $9 million back to cover further renovations and repairs.
Read more at: LA Times
