Document 6451388

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MULTIHOUSING PROFESSIONAL
MARCH APRIL 2008
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MHP COVER STORY
Multifamily’s TKO
Boxing superstar Oscar De La Hoya has vowed to
hang up his gloves at the end of the year, after two
scheduled title matches. But the ring and the world
will not have seen the last of the feisty fighter with
the crushing left hook and boyish good looks.
WENDY BROFFMAN
Over the past ten years, the 35-year-old
Olympic gold medalist, ten-time world title
holder in a record six weight classes and
Grammy-nominated recording artist has
been assembling a business empire known as
Golden Boy Enterprises. De La Hoya brings
to those ventures, which include multifamily housing, the same talent, tenacity and
commitment to hard work that made him
almost unbeatable in the ring.
He learned to fight growing up on the
streets of East L.A., the son of Mexican
immigrants. “I saw my first boxing ring when
I was three and began boxing at the age of
six, encouraged by my father and grandfather, who also were boxers,” De La Hoya
said. His talent became apparent early on.
“But I also was willing to work hard, to
commit much of my time and to sacrifice
other things that teenagers like to do in
L: OSCAR DE LA HOYA WON THE WORLD BOXING
COUNCIL SUPER-WELTERWEIGHT CHAMPIONSHIP AT
THE MGM GRAND BY TKO ON MAY 6, 2006, FLOORING RICARDO MAYORGA IN THE SIXTH ROUND WITH A
LEFT-RIGHT COMBINATION AND FOLLOWING WITH AT
LEAST EIGHT UNANSWERED PUNCHES.
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order to achieve my goal of becoming a
champion. Winning a gold medal in 1992
was a dream come true and set me on a
course to success in all aspects of my life. I
never have given up that strong work ethic
and have applied the same dedication and
determination I learned in boxing to all
aspects of my business and personal ven-
tures,” said De La Hoya, whose professional
and private lives are firing on all cylinders.
In 2001, De La Hoya married Puerto
Rican singer Millie Corretjer and the couple
have two children, Oscar Gabriel and Nina
Lauren Ninette. “Ever since I met her my
life has been different. I have what I want,”
said De La Hoya.
But as a teenage boxing star suddenly
worth millions, he was seduced by life in the
wild and fast lane and duped by a shady
business advisor, according to a recent press
release from HarperEntertainment, an
imprint of Harper Collins Publishers, which
plans to publish and release De La Hoya’s
autobiography in June.
Today he is guided by his investment manager, Richard Schaefer, former managing
director, head of the Western Region and
deputy CEO for Private Banking North
America at UBS, who joined team De La
Hoya in 2000 and serves as CEO of Golden
Boy Enterprises. And, today business is good.
His holding company recently added a
significant ownership interest in the
Houston Dynamo soccer team and his other
investments include a boxing promotional
organization, newspapers and boxing magazines, and a commercial and residential real
estate company aimed at the Latino market.
He also owns the Golden Boy Building in
Los Angeles, a 12-story office tower purchased
in 2002 for $15 million that serves as headquarters for Golden Boy Enterprises and houses Golden Boy Promotions, his boxing promotion company.
“I founded Golden Boy Enterprises to
serve the growing Latino population in the
U.S. with investments in several major-market Spanish-language newspapers, in consumer brands and technology related companies,” said De La Hoya, adding that one venture in particular is very close to his heart—
Golden Boy Promotions, through which he
became the first Latino to own a national
promotional boxing firm and one of only a
handful of boxers in history to move into the
field while still boxing professionally.
“I founded that company to rebuild and
expand the popularity and fan base for boxing. In six years we have become one of the
leading global boxing promotion companies,
with 50 fighters under contract,” he said.
Last year, that business generated 65 percent
of all pay-per-view (PPV) event revenue in
the U.S., much of it attributed to De La
Hoya’s own fights. His match with Floyd
Mayweather Jr. in May 2007, which ended
in a 12-round split-decision loss for De La
Hoya, brought in $134.4 million of domestic
revenue and 1.4 million in PPV buys, making De La Hoya the all-time leader in PPV
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sales and single-event revenue, outreaching
the previous leader for PPV buys of $1.9 million set by the 1997 ear-bite rematch
between Evander Holyfield and Mike Tyson
and the $112 million revenue record for a
single event set by the 2002 Lennox
Lewis/Tyson heavyweight title bout.
The Golden Boy is scheduled to face
Steve Forbes in the ring on May 3 and
“GOLDEN BOY PARTNERS IS NOT JUST ABOUT REAL
ESTATE DEVELOPMENT. IT IS ABOUT BUILDING COMMUNITIES AND CHANGING LIVES,” SAID DE LA HOYA,
ADDRESSING THE CROWD AT THE GROUND-BREAKING
FOR TIERRA DEL REY, HIS COMPANY’S FIRST WORKFORCE HOUSING PROJECT IN LOS ANGELES' SOUTH
GATE SUBMARKET.
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MULTIHOUSING PROFESSIONAL
Mayweather again in September for the
WBC welterweight championship. That
bout could be his last, although there is talk
of another match being planned for
December. As of press time, the exact date
of the De La Hoya/Mayweather rematch
had not been finalized.
What does De La Hoya think about when
he laces up his gloves and steps into the
boxing ring?
“The excitement of the sport. The challenge of a strategy for each round. The cheer
of the crowd when I land a good punch,” he
told MHP last month.
And, while he will miss stepping into the
ring and the excitement that goes with it,
MARCH APRIL 2008
he stated, “I am not retiring from boxing. I
will continue to be active through Golden
Boy Enterprises and expect to be promoting
the biggest fights you will hear about. We
have brought new energy and new ideas to
boxing promotion and I look forward to taking it to even higher levels.” He also plans
to concentrate fully on his various business
interests. “Certainly I intend to spend more
time on real estate development, because it
is a field I love,” he said.
Ring to real estate arena
De La Hoya’s interest in real estate sparked
as he traveled the country in his boxing
career and was struck by the need for
improving the quality of life in urban Latino
communities. “I realized that real estate was
the one area where I could make the most
impact for my community. Real estate can
change the entire complexion of a community; it can build a sense of pride that you
don’t get through any other economic
development. The opportunity to own a
home or a business fosters a sense of ownership in one’s neighborhood and community
that leads to increased safety, reduced crime,
higher property values and greater self and
family esteem,” he said.
His investment manager, Richard
Schaefer, introduced De La Hoya to
Highridge Partners CEO John S. Long, who
has acquired, developed or financed more
than $6 billion of real estate in California,
Arizona, Nevada and Texas and is active in
the United States, Europe and China. Long
and De La Hoya formed Golden Boy
Partners in 2005 with a shared $100 million
investment.
“Schaefer realized that we both shared
deep common values and commitment to
invest in and revitalize urban, Latino-based
communities. Both of us grew up in the
inner city of Los Angeles. Both of us wanted to return to our roots and apply our experiences to create opportunities for others
growing up today in the inner city,” said
Long, who left China as a child after the
Communists took over his family’s grocery
stores. He arrived in the U.S. in 1954 and
grew up in South Central Los Angeles.
Long received a degree in economics from
UCLA before applying to Harvard, where he
obtained his MBA. “I wanted the finest business education available and knew it would
open doors for relationships and contacts
throughout my business career. I went into
real estate because I saw it was mostly a seatof-the-pants industry and I felt I could bring
discipline and economic underpinnings that
would give me an edge in the industry. Plus,
being an entrepreneur was in my DNA and
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MHP COVER STORY
real estate is the ultimate entrepreneurial
business. I would say that drive and determination to win are at the core of how Oscar
and I approach our businesses and what
makes us successful,” said Long. He worked
for KB Homes from 1971 to 1978, when he
launched Highridge Partners.
De La Hoya believes that real estate is in
his blood, as well. “I always have believed
that success is 99 percent preparation and I
find that is true whether you are getting into
the ring or into the real estate business. Real
estate is a lot like boxing in that you have to
invest a lot of time and money before you
are ready to step into the ring. Instead of
training for several months, however, it can
be several years before you find the right
site, acquire it, decide on the right project
for the community, design it and cost it, and
secure all the government approvals you
need to build,” he said.
With upheaval in the credit markets,
those hurdles are even more pronounced.
“Every aspect of development is under
tremendous pressure in today’s financial
meltdown environment. We, fortunately,
are equipped to deal with these conditions,
and Highridge Partners’ trademark over the
last three decades is to expand when adverse
conditions give rise to unusual opportunities,” said Long, who is considered contrarian by many of his peers.
But one off-and-on-again transaction
that has received a lot of media attention
illustrates the difficulty of getting any deal
to pencil-in when the market is changing
rapidly. One mark of experience is the
knowledge of when to proceed and when to
pull back. Last July, Golden Boy agreed to
purchase a 23-acre site in East Los Angeles’
Boyle Heights submarket for more than $70
million from MJW Investments, Inc. The
industrial site houses a 1.8 million sq. ft.
complex with a Sears retail store that De La
Hoya frequented as a child and a longclosed Sears warehouse facility. Zoning and
entitlement changes would be necessary for
Golden Boy to realize its plans for a mixeduse project with housing and retail. Several
previous attempts by other developers to
redevelop the difficult site had failed and
Golden Boy has put that deal on hold.
“Sadly, the deal is now off indefinitely. We
invested an enormous amount of time,
money and caring to get our vision for the
Sears site off the ground. However, the complexities of the site and an uncertain economy make the project economics increasingly
unviable. We hope that we may have the
opportunity to revisit the project at a later
date because we continue to believe it has
great potential as a source of new revenue to
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the city and as a catalyst to revitalize Boyle
Heights, provide the community with services it so dearly needs and deserves and
upgrade infrastructure that has been ignored
for decades,” Long said, adding, “Stay tuned.”
Meanwhile, Golden Boy has seven projects under development totaling more than
$100 million, four of which are multifamily
for-sale. “We are focused on two primary
objectives—residential and retail—but will
incorporate office and other commercial as
appropriate. As real estate professionals, we
have to respond to the demand in the market in order for these projects to be financially feasible. The current demand is
strongest for retail and residential in most of
the markets we target. In some urban centers we could see more office demand and
will incorporate that product if it fits. In
rough percentages, approximately 50 percent of our projects are residential or mixeduse and 50 percent are retail or commercial,” said Long.
He believes that affordable workforce
housing for the Latino population in inner
city locations, both for-sale and rental, is
the market segment that is most underserved, even though the Latino demographic is the fastest growing in the nation.
“By 2020, it is anticipated that Latinos
will make up more than 50 percent of all residents in Los Angeles County,” said De La
Hoya. He agrees with Long that Golden Boy
can best serve this demographic and remain
profitable by building market-rate housing
without government subsidies, because
those subsidies come with restrictions.
“There are lots of companies that are
already working on subsidized housing. We
are more interested in focusing on the more
difficult challenge of creating the opportunity for homeownership in these markets at
prices that people who already live there
can afford. Ownership is what creates pride
in a neighborhood and is fundamental to
really changing these neighborhoods for the
better. We will work with subsidies, but not
at the expense of allowing real ownership.
Owning your own home is the beginning of
creating so many good things in a person’s
life and we are committed to making that
happen in these neighborhoods. Further, we
are finding a huge demand for workforce
housing. Our most common conversation
with staff and elected officials in cities that
we are working with is about their concern
that there are too few workforce housing
opportunities,” said Long.
“We feel that there is a very deep market
in our niche focus, a burgeoning market that
is almost completely overlooked by mainstream developers and institutional
investors,” said De La Hoya.
“This demographic and geographic are
often overlooked because they are more
challenging and require a different skill set
as opposed to greenfield development.
Often the projects are smaller and require
more time, two items that turn off a large
segment of experienced developers. It defi-
nitely requires more creativity and a willingness to consider a project in which it is not
immediately obvious that many of the
obstacles you are faced with can be solved
and be financially viable.
“Highridge Partners has a background and
extensive experience in very challenging
deals and we enjoy and are enlivened by
such challenges and we have been very successful at it. We have assembled teams of
very talented people who are experts in each
of the disciplines needed to solve these problems and coupled them with our guidance
and reputation as savvy investors to attract
the capital needed to develop in these markets. Very few real estate investors have the
desire to work this hard,” Long said.
Another area of interest to Golden Boy,
and one in which its principals believe they
have an edge, is in providing capital for new
and existing businesses that will foster creation of jobs and services within the Latino
community. Institutional investors and
other capital sources have been looking at
emerging domestic markets for the past
decade, but, as noted by Betsy Zeidman,
director of the Center for Emerging
Domestic Markets at the Milken Institute,
reaching these underserved markets is a specialized process that requires an in-depth
understanding of the market and the ability
to break through informational and transactional cost barriers. Today, Latinos and
African Americans are turned down for business loans at three times the rate of whites
with equivalent credit characteristics.
“We expect to support business formation
in a couple of our upcoming projects that
will lend themselves to a greater mix of residential, retail and office. Just like real
estate, we have found that great businesses
can be found in inner city areas. Sometimes
all they lack is the right source of capital
and the right partner.
“Even in today’s turbulent market, we
continue to believe that those well-capitalized organizations with a deep management
bench and the ability to be very agile will
lead the recovery, generate significant riskadjusted profits for partners and capital
providers and enhance the very communities that are underserved. Golden Boy
Partners is poised to be that type of leader,”
said Long. .
BOXER OSCAR DE LA HOYA LAUGHS AS HE AUTOGRAPHS A FAN’S OVERSIZED BOXING GLOVE AFTER A
NEWS CONFERENCE AT THE MGM GRAND
HOTEL/CASINO AS PART OF A MEDIA TOUR ANNOUNCING HIS FIGHT WITH FLOYD MAYWEATHER JR.
FEBRUARY 27, 2007 IN LAS VEGAS, NEVADA. DE LA
HOYA AND MAYWEATHER FOUGHT FOR THE JUNIOR
MIDDLEWEIGHT CHAMPIONSHIP MAY 5, 2007, AT THE
MGM. (PHOTO BY ETHAN MILLER/GETTY IMAGES)
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MARCH APRIL 2008
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MARCH APRIL 2008
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MHP COVER STORY
A punch list of
a different kind
On February 19, ground was broken on the five-acre
site for the 107-unit Tierra Del Rey, the first housing
development to rise in the predominantly Latino Los
Angeles submarket of South Gate in almost 20
years. It was a big event to celebrate such a small
condo project, broadcast by both the ABC and NBC
networks. The reason for all the media attention
was that Oscar De La Hoya—L.A.’s own Golden Boy
of boxing—was there to turn first dirt.
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Tierra Del Rey is the initial development for
Metro Housing Partners, a privately held company founded last summer by Golden Boy Partners,
a partnership of De La Hoya’s Golden Boy
Enterprises and John Long’s Highridge Partners,
Trimark Partners LLC, an arm of California homebuilder Trimark Pacific, and CarVal Investors, an
affiliate of agribusiness giant Cargill, Inc. that has
overseen 2,900 transactions in 41 countries and
today manages $15 billion in managed assets.
WENDY BROFFMAN
The partners recruited Lawrence Scott from
AvalonBay Communities last July to serve
as president and oversee Metro Housing
Partner’s development, construction, sales
and
marketing
efforts
throughout
California. The following month, Scott
brought aboard Walter Johnson, formerly of
Lennar Urban, as development director.
Joining De La Hoya for the groundbreaking were Scott, Long, Trimark Partners
President Clinton “Randy” Stevenson and
South Gate’s Mayor Bill De Witt.
South Gate, a city of approximately
100,000 residents, is located 12 miles southL: OSCAR DE LA HOYA AND SOUTH GATE MAYOR
BILL DE WITT TOOK THE LEAD BY OPERATING A
GIANT EXCAVATOR TO INITIATE THE SITE GRADING
PROCESS FOR TIERRA DEL REY, THE FIRST LARGESCALE PLANNED HOUSING COMMUNITY IN THE CITY
SINCE 1990.
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east of downtown Los Angeles. “Hispanics
have immigrated into the area and there is a
lot of private ownership and pride of ownership and a great sense of history. Tierra Del
Rey’s message, as stated on the Website, is:
revitalize, reconnect, renew, relive, rebuild.
It’s all about coming back to where you grew
up and being able to buy back in. Our goal is
to provide new housing for current residents
of South Gate and to offer an opportunity
for young people to purchase homes near
their families and become residents of the
community where they grew up,” said Scott.
Scott expects all-in costs for the marketrate project to run approximately $325,000
per home. But with initial price points starting in the mid-$300,000 range, well below
the $475,000 median price of a home in Los
Angeles County, the three-story gated
townhouse development with in-line
MARCH APRIL 2008
garages will introduce new affordably priced
housing to an area dominated by single-family homes built as workforce housing for the
nearby Firestone plant from the 1930s
through the late 1940s. Sales of the condos
that were designed by Withee Malcolm
Architects of Torrance, Calif., will commence in July with delivery of first homes in
March 2009.
Metro Housing conducted a focus group
with a Hispanic buyer profile to understand
what the project’s target buyers would look
for in everything from upgrades to financing
to how South Gate compared to other submarkets in Los Angeles.
“We found that the Hispanic buyer wants
a nice level of finish. They value the technology of new buildings, the pre-wiring for
surround sound and flat screen television,
but they also are cost conscious. If the price
point for the upgrades is too high, they will
wait and do it themselves. So we focused on
those areas of highest impact,” said Scott.
The townhomes feature walk-in closets,
master baths with dual sinks and garden
tubs, interior laundry rooms and in-home
security systems. Buyers have the choice of
three levels of packaged upgrades professionally coordinated by Metro Housing’s
interior designers.
Feedback also showed that Latinos value
a single-family home with a backyard. The
only private outdoor spaces at Tierra Del
Rey are balconies and there is no swimming
pool—an amenity found to be not that
important to those in the focus group—but
the project includes two outdoor pocket
parks with barbeques, park benches and
large canvas sun shelters. “These are safe
places for families to gather and kids to run
and play,” said Scott.
Another desired feature of the focus group
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MHP COVER STORY
LEFT TO RIGHT: JOHN S.
LONG, CEO OF HIGHRIDGE
PARTNERS AND PARTNER
AND CO-FOUNDER OF
GOLDEN BOY PARTNERS;
METRO HOUSING
PARTNERS PRESIDENT
LAWRENCE SCOTT;
RICHARD SCHAEFER, DE LA
HOYA’S INVESTMENT MANAGER AND CEO OF
GOLDEN BOY
ENTERPRISES.
was a spacious living room and additional
bedrooms. “One important item we provide
in our townhomes is some type of living
space on the ground floor, because we expect
many of our buyers will have extended family,” said Scott. Two of the three floor plans
have a downstairs den or bedroom. The second floor is the main floor, and consists of
the living room, kitchen and dining room.
“Our biggest challenge was to create the
desired living space taking into account the
1,400 sq. ft. average size of the townhomes,”
Scott said, revealing some interesting facts
that surprised him about the existing housing stock in South Gate. “The average
homes here were built in 1948 and the average size is 1,230 sq. ft. You’d typically think
of a townhome as being a move-down from
a single-family house, but our average townhome is larger than the average house in the
area,” he said.
Already at a good price point to offer
unmodified HUD conforming to Tierra Del
Rey buyers, Metro Housing is taking the
necessary steps to qualify the property for
the FHA conforming program, which is raising its limits to the low $600,000s.
“The great American dream of owning a
home is one that is shared very deeply by
Latinos. Studies show that Latinos are
expected to make up 40 percent of the firsttime homebuyers over the next 20 years. In
today’s challenging lending environment,
we are planning to provide the broadest
spectrum of lending products available,
including qualifying our communities for
FHA, CalFHA and VA approved programs,
and are working with lenders, the counties
and municipalities to obtain access to grant
funds and “soft second” programs for our
prospective buyers. The modification of
these program’s lending limits will further
assist our buyers in obtaining financing
across a broader spectrum,” said Scott.
Going the rounds
The first round of Metro Housing’s multifamily real estate developments will be in
the Golden State’s Southland, where
Latino neighborhoods are older and need
updating with new housing and retail.
“But Golden Boy Partners has ambitious
long-term goals and we hope to have affordable, urban housing and mixed-use communities underway in several states by the end
of the decade. Metro Housing Partners is
our development partner to build and market the housing. In addition, we have two
other partners responsible for the retail
development,” said De La Hoya, referring to
affiliates Manarino Realty in California,
and Balcones Realty Partners in Dallas,
which was formed around 12 months ago.
THE
REY
GATED TOWNHOME COMMUNITY OF TIERRA DEL
WILL INTRODUCE A NEW WORKFORCE HOUSING
PRODUCT TYPE TO THE PRIMARILY LATINO NEIGHBORHOOD OF SOUTH GATE, WHICH CURRENTLY IS DOMINATED BY BUNGALOW-STYLE SINGLE-FAMILY HOMES
BUILT IN THE 1930S AND 1940S.
Balcones is close to finalizing the 37-acre
site plan for a $90 million Spanish missionstyled mixed-use retail and restaurant center called West Love Market near Dallas’
Love Field that is expected to come online
in Fall 2009. Meanwhile, Balcones
Managing Director Jorge Ramirez is in
negotiations for two additional redevelopment parcels.
The entitlements for Tierra Del Rey were
completed by Pablo Leon, president of
Golden Pacific Partners, a wholly owned
subsidiary of Golden Boy Partners that
focuses on urban infill in the Los Angeles
area for commercial and residential developA RENDERING OF A PORTION OF WEST LOVE MARKET,
THE RETAIL AND RESTAURANT CENTER BY GOLDEN BOY
PARTNERS AFFILIATE BALCONES REALTY PARTNERS,
THE PROJECT IS POISED TO BREAK GROUND THIS
MONTH NEAR LOVE FIELD IN DALLAS.
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MULTIHOUSING PROFESSIONAL
ment. The eight-acre site for Tierra Del Rey
housed two industrial buildings. One was
torn down to make way for the condos and
the other is being converted by Golden Boy
to a mini-storage facility that will be added
to the company’s portfolio of like properties.
“Our research has shown that there is significant demand for self-storage in inner city
neighborhoods. Most self-storage is available
in suburban, or far-out, areas not convenient
for urban residents,” said De La Hoya.
Housing from both sides
Metro Housing Partners also has an ambitious business plan, which includes the right
of first look at all land acquired by Golden
Boy that is earmarked for multifamily. “But
we also will do our own land acquisition,”
said Scott, referring to Metro’s goal to deliver 500 to 700 units per year, divided equally
between for-sale and rental housing. The
company is mostly scouting infill industrial
distribution sites and old office buildings
and currently is under contract on a site for
condos, in the design and entitlement phase
on three additional for-sale projects and is
looking at a number of parcels for apartments.
“Our goal for the company is to create a
MARCH APRIL 2008
residential housing provider that can do both
rental and for-sale and there are very few
companies that can. Being private, we don’t
have to contend with the confusion—or concern of confusion—of the Wall Street analysts. It’s almost impossible for a public company to be both a homebuilder and an apartment company. The analysts just don’t know
which category to put them in,” said Scott.
The majority of Metro’s for-sale housing
will be workforce townhomes in Latino
inner city neighborhoods. “Workforce forsale will continue to have strong demand.
It’s a great niche, but not so for rental.
Although there is an absolute need for
workforce apartments, the cost to build
them is prohibitive,” said Scott. For that
reason, the company will look for opportunities to build and hold luxury apartments
in Los Angeles, Orange and even San Diego
Counties, but likely will outsource the property management. “We will, however, be
our own general contractor and an extension of our business plan is to conduct thirdparty GC work for residential developers
that don’t have their own in-house capabilities. We’re augmenting our construction
team right now,” Scott said.
Metro Housing also has the ability to
look outside the company fold for joint venture and equity partners. Golden Boy and
Trimark are equal partners in Metro and to
that extent will be invested in all the company’s projects. They also control Strategic
Investment Partners, a firm that was formed
last year to buy troubled loans and assemble
REO foreclosed land until the market turns.
For Trimark Partners, the ventures couldn’t have come together at a better time.
Trimark Pacific’s California-based homebuilding business slowed considerably when
last summer’s mortgage mess hit the fan.
“I’m very excited about the partnership
and it’s potential,” said Randy Stevenson
“It’s a partnership of companies and individuals that I respect and I think our skills are
complementary. I’m looking forward to a
beneficial relationship,” he said. .
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