IREM 2nd Qtr 2005

Document Sample
IREM 2nd Qtr 2005 Powered By Docstoc
					InsideIREM LA                                                                                                                 2nd quarter 2005




             IREM - LA’S
           2005 GOLF CLASSIC
            Back by popular demand – Traditional Scramble Format,
            as well as Individual Ball Format.




                                         Tuesday, June 7, 2005
                                         at The Robinson Ranch Country Club
      GOLF CLASSIC




                                         in Santa Clarita, California

                                         Benefiting:
                                         IREM-LA Scholarship Fund
                                         Los Angeles Commission on
                                         Assault Against Women




      2005

      Upcoming Event                                                          11th Annual Forecast Breakfast pg. 16




 Institute of Real Estate Management




                                                                                                         INSIDE THIS ISSUE


                                                                                     Adaptive Reuse: An Often-Viable Option For
                                                                                           Maximizing The Value Of Real Estate               4
Jack Kyser, pg. 7                                       Chris Lee, pg. 9

                                                                                                                      Bill Wenger Update     6
                                                                                                                             Market Beat     12

                                                                                                                 Kimball Tirey Legal Alert   19


                                                        Bill Wenger pg. 6
      2nd quarter 2005                                                          3   Message from the President


      content                                                                   4   Adaptive Reuse: An Often-Viable Option For
                                                                                    Maximizing The Value Of Real Estate

                                                                                    Jim Prunty Named Executive Administrator
                                                                                5   Member Spotlight

                                                                                6   Bill Wenger Update




                                                HIGHLIGHTS – 11th Annual Forecast Breakfast

                                                                                7   Los Angeles Economy by Jack Kyser

                                                                                    What Tenants Are Telling Us…
                                                                                9   By Christopher Lee
    Inside IREM-LA is a quarterly magazine published by the Greater
    Los Angeles Chapter #6 of IREM. E-mail us with your comments
    or ideas for the publication.
    No material may be reproduced in any form without the express
                                                                               10   Friends of IREM
    written permission of the publisher.
    CPM®, CERTIFIED PROPERTY MANAGER®, AMO®,
    ACCREDITED             MANAGEMENT             ORGANIZATION®,               12   Market Beat
    ACCREDITED RESIDENTIAL MANAGER®, the CPM® key
    logo, the AMO® circle logo and the ARM® torch logo are feder-
    ally registered marks of the Institute of Real Estate Management.
    The IREM logo is a service mark owned by the Institute of Real             13   IREM-LA/BOMA Seminar at Sea Registration Form
    Estate Management.
    IREM encourages equal opportunity practices by its membership.
    In principle and practice, the Institute of Real Estate management
    values and seeks a diverse membership. There are no barriers to            14   2005 Calendar of Events
    full participation in the organization on the basis of gender, race,
    creed, age, sexual orientation, national origin or disability.
    Moreover, the Institute of Real Estate Management encourages
    equal opportunity practices among its members.                             16   11th Annual Forecast Breakfast
    The statement and representations made in advertisements
    contained in this publication are those of the advertiser and as
    such do not necessarily reflect the views or opinions of the
    Institute of Real Estate Management or the Chapters of the
                                                                               18   2005 Committee Chairs
    Institute. The inclusion of advertising in this publication does
    not, in any way signify an endorsement of or support for the
    products or services.                                                      19   Kimball Tirey Legal Alert




2           Inside IREM-LA                                                 Second Quarter 2005                  www.iremla.org
M E S S A G E              F R O M            T H E

PRESIDENT                                                                                                Edition XXV 2nd Quarter 2005
                           Spring has sprung and so has                               2005 CHAPTER OFFICERS
                           Legislation
                                                                                                               President
                           Happy Spring! The rain has taken its toll on
                                                                                              Carol Eddy, CPM®, Eddy Management Group
                           Southern California, so I thought it appropriate to
                           bring you a "dry" topic – Legislation!                                         President-Elect
                                                                                                   Clay Dunning, CPM®, Kastle Systems
                            A funny thing happened in Sacramento this
                            February. The deadline to introduce bills in                                     VP Finance
                            California was extended from February 18, 2005 to             Charles Brown, CPM®,Thomas Properties Group, LLC
Carol Eddy, CPM®            February 22, 2005. There were 1,548 bills intro-                            VP Administration
2005 IREM                   duced by February 18 and an additional 1,252 by                       Lynne Benn, CPM®, PM Realty Group
Los Angeles Chapter         the extended deadline. Who is going to track these
President                   bills and keep us informed? IREM, LA is fortunate                               VP Education
                            to have Karen Oishi as our Legislative Chair and a             Farzaneh Tofighi, CPM®, PCS Property Management
 team of people from Region 11 who assist. Here is how we track the issues:
 California Business Properties Association (CBPA) will sift through the
                                                                                                       VP Communications
 2,800+ bills introduced and select those they feel will impact our industry.                  Dave Anderson, CPM®, Morlin Management
 These bills are then forwarded to Karen Oishi and our region 11, team. The                               VP Membership
 goal of this team is to further refine the list of bills and notify members of the                   Anthony Kuhns, CPM®,Trizec
 most important issues and solicit everyone’s help through Call to Action
 requests. With over 2,800 bills introduced, it takes more than a few people                                  VP Events
 to monitor Sacramento’s activities. Karen is looking for a co-chair who will                 Jennifer Taylor, CPM®, Arroyo Realty Partners
 share this responsibility locally and help monitor activity as it pertains to
 multi-family. One of the perks of the position is a subsidy to pay for two trips
 to Sacramento and a trip to Washington, DC.Yes,Washington, DC!                        EXECUTIVE COUNCILORS
                                                                                             Barbara Barsi, CPM®, Park LaBrea Apartments
 A group of IREM, Los Angeles members and our legislative chair will                              Jerome A. Champion, CPM®, HUD
 descend on Washington, DC for IREM’s annual Leadership and Legislative
 Summit on April 16, 2005. This conference is considered to be one of the                    Sallie Chen, CPM®, C & N Business Consultants
 Institute’s most meaningful and significant events. IREM joins forces with                   Laurie Gral, CPM®, Encore Enterprises, Inc.
 the CCIM Institute and REALTORS Commercial Alliance (RCA) to create a
 strong presence on Capitol Hill and meet with Congressional Leaders and                    Jacqueline Harris, CPM®, Catellus Development
 their staff to heighten awareness and generate greater support for the real                    Rickey Harris, CPM®, Bank of America
 estate industry’s legislative priorities. Here are just a few of the important
 issues we plan to address locally and nationally:                                              Charles Hicks, ARM®, PM Realty Group
                                                                                               David Hopf, CPM®, Cushman & Wakefield
 California
                                                                                              Kim Hosea, Candidate®, City National Bank
    Split Roll Tax is back with two measures introduced. The measures are             Candi Kocher, ARM®, Four Seasons North Homeowners Assoc.
 entitled "The High Quality Classrooms Act (Version 1 and 2). The difference
                                                                                      Jo Ann McKinney, ARM®, Los Feliz Towers Homeowners Assoc.
 between Versions 1 & 2 is the percentage increased in additional property
 taxes commercial real estate would be required to pay. Version 1, commer-                  Karen Oishi, CPM®, Real Estate Property Services
 cial real estate property would be taxed an additional 30% and Version 2                        Mike Prestridge, CPM®, H.S.G., Inc.
 would be taxed an additional 50%.This is an issue that you cannot avoid!
                                                                                            Dave Stairs, CPM®, Legacy Partners Commercial
    Senate Bill 51: Existing law, until January 1, 2006, requires that an
 owner of a residential dwelling give at least 60 days’ notice prior to ter-
 mination of tenancy if the tenant has lived in the dwelling for one year or
 longer. This bill would delete that date, thereby extending these provisions
 indefinitely.                                                                                  Inside IREM-LA MAGAZINE
                                                                                               Editor-in-Chief – Laurie M. Gral, CPM®
 Nationally                                                                                   Executive Administrator – James Prunty
                                                                                                           World Trade Center
    Bankruptcy Reform: As IREM members we experience both sides of the
                                                                                           350 S. Figueroa St. Ste. 121, Los Angeles, CA 90071
 bankruptcy issue as owners/managers who have lost substantial income from
 tenants who abuse current bankruptcy law to avoid paying rent. Bankruptcy                         (213) 633-1900 Fax: (213) 633-1997
 legislation is before Congress and would provide relief from abuse of the                               E-mail: info@iremla.org
 bankruptcy code.                                                                                       Website: www.iremla.org
                                                              (continued on page 7)



                  www.iremla.org                                   Second Quarter 2005                                Inside IREM-LA              3
        ADAPTIVE REUSE: AN OFTEN-VIABLE OPTION FOR MAXIMIZING THE
                           VA L U E O F R E A L E S TAT E
                                            Selected from IREM National Archives By Beatrice Hsi, CPM®
                  Note: The following article is adapted from a presentation delivered by IREM President-elect Fred Prassas last fall
                                                      at the CEREAN Conference in Riga, Latvia
    History doesn’t record it, but the first example of adaptive reuse may have             It’s estimated that adaptive reuse projects cost an average of 16 percent less
    occurred when a Neanderthal who appropriated a vacant cave inscribed draw-              than new construction and can be done faster in many instances.There are also
    ings and symbols on the walls. In so doing, he created the world’s first art gallery.   extended benefits.
                                                                                            Adaptive reuse of abandoned structures spurs redevelopment efforts around
    Transforming Older Properties – Adaptive reuse is defined as the trans-                 them. That expands the economic impact of the original investment. Benefits
    formation of old buildings into renovated, refurbished structures serving new           extend to several levels:
    uses. Also called repositioning, it’s not new. Managers and owners for years
    have taken dysfunctional properties and converted them into functional prop-            On the individual building level, reusing existing structures conserves raw
    erties better suited to the current market.                                             materials used for new construction and reduces the amount of construction
                                                                                            debris sent to already overcrowded landfills.
    The practice is popular now, but it wasn’t always that way. Historic buildings
    once monuments in their time decayed into urban eyesores. For a number of               On the neighborhood level, renovating existing buildings maintains the scale
    reasons, including urban flight, the economic base just wasn’t there for owners         and architectural integrity of existing neighborhoods. It also provides oppor-
    to undertake renovation. Especially those who were offered incentives to relocate.      tunities for mixed-use developments and their vibrant, urban street life.

    Times changed, though. Swelling populations together with a movement back               On the citywide level, adaptive reuse can work within existing infrastructures
    to the cities put a premium on commercial and residential space.There was no            to renovate abandoned buildings or reclaim brownfield sites and turn them into
    new land to be annexed. Prices skyrocketed on what few vacant parcels were              productive sites.
    available as in-fill locations. Owners and developers realized they had to work
    with what was available.That meant converting older structures into new uses.           On the regional level, preserving existing facilities contributes to well-planned
    Accordingly, building teams began renovating older facilities, bringing them up         growth. It reduces pressures on undeveloped green space and the need to build
    to current standards and providing new life to blighted areas.                          out into undeveloped areas. In addition, a number of economic incentives are
                                                                                            available from the government to restore historic buildings.
    Big Business – Adaptive reuse has become big business in the U.S. According
    to a report by Harvard University’s Graduate School of Design, the renovation,          Community Improvement – Adaptive reuse is also a major tool for com-
    reuse and preservation of existing buildings represents more than 40 percent            munity improvement. Abandoned buildings and vacant lots drive down prop-
    of the current design and construction market in the U.S., especially in urban          erty values, increase blight, and create a sense of economic decline. They’re
    areas.                                                                                  also fertile breeding grounds for crime.

    Driving Factors – Several factors are driving adaptive reuse. In addition to            Many of these old structures served important roles in their heyday and can be
    the demand for commercial and residential space, there’s the element of con-            restored to useful life.When you reuse existing building stock, you enhance a
    serving existing space. What that does is help eliminate urban and suburban             city’s vitality, boost civic pride and community togetherness and drive tourism.
    sprawl by reducing the need to annex more space.                                        Role Of Property Managers – Property managers are in the front line for
    There’s also the matter of preserving raw materials and conserving energy.              helping owners reach the right. decisions about adaptive reuse. For starters,
    Typically, renovation expends less energy and requires lesser amounts of raw            property managers need a detailed understanding of the building’s physical
    materials than new construction.                                                        specifications.That enables them to set guidelines for evaluation of the proper-
                                                                                            ty from both the economic and non-economic standpoints. As work proceeds,
    City Profiles Change – Many Northern and Eastern cities in the U.S. have                they can provide valuable liaison services between the owner and the develop-
    changed. Industries and businesses have moved to the Sun Belt, leaving mas-             er, also work with community groups and municipalities to help provide a
    sive, sturdy buildings vacant. Manufacturing plants, power plants, hospitals,           seamless path for completion of the project.
    sanatoriums, military facilities and office buildings are among the structures
    which have become obsolete. All present a cornucopia of adaptive reuse possi-           Property managers should also prepare an operating budget for the newly con-
    bilities to enterprising owners and developers.                                         verted property with an eye to savings in overhead and energy costs.

    Not All Are Suitable – At this point, it should be noted that not all old build-        A Haven For Creativity – Adaptive reuse is a fertile field for the creative
    ings are suitable for adaptive reuse. Some may be in an advanced state of decay         developer.The leap from old to new uses runs the gamut from the practical to
    or require removal of dangerous and degraded toxic building materials that              the startling.
    preclude adaptive reuse. A thorough appraisal and evaluation is needed before           Some examples as noted by Lancaster, Pennsylvania-based High Construction
    any adaptive reuse can be considered.                                                   Company in its Constructive Advice newsletter: textile mill to plastics plant;
    Benefits Are Numerous – Adaptive reuses represent sound strategies for                  furniture factory to apartment complex; hospital to hotel; department store to
    revitalizing neighborhoods as well as responding to tough real estate markets.          university classroom building. One daring developer in Anaheim, California,
    The economic benefits of adaptive reuse versus demolition can be enormous.              even turned an old bank building into a car wash.
    IREM’s own Journal of Property Management says reuse projects are popular               As you can see, adaptive reuse takes many forms and applications. It’s an
    because they can significantly reduce construction costs for developers. Also,          important foundation for realizing the economic benefits of real estate.
    they offer economically viable alternatives to commercial tenants looking for
    large space.




4             Inside IREM-LA                                           Second Quarter 2005                                           www.iremla.org
                                           Member Spotlight
                                                       By Jacklyn Wolf


                           STONEMARK
                           CONSTRUCTION
                           MANAGEMENT

 BEATRICE HSI, CPM®, RPA® has been an active                                   "Since volunteering in our local chapter, I have
 member of IREM LA since 1997 when she joined                                 benefited to a much greater extent. I get so much
 as an avenue to earn her CPM®. Beatrice first volun-                       out of meetings and rarely miss one. I go to net-
 teered for the International Committee which was                        work, share referrals and contacts, and learn from the
 formed to develop and nurture international awareness and          excellent educational programs. And last, but not least,
 recognition for IREM in other countries. Currently serving       through volunteering I have gotten to know many people
 on the Communications/Publications Committee, Beatrice           whom I now consider friends. I feel in touch with and part of
 hopes to use her position as a platform to encourage and pro-    my community."
 mote volunteerism in other IREM-LA members. Says                 BEATRICE HSI, CPM®, RPA®, is a Senior Property Manager
 Beatrice, "I cannot say enough about how valuable it is to get   with The Ratkovich Company.The Ratkovich Company cur-
 involved. And there are so many ways to do this from simply      rently owns and manages more than 1.3 million square feet
 offering to help at an event to making a commitment to serve     of office, retail, and residential space located in Los Angeles
 on a committee or on the Board."                                 and the Western San Gabriel Valley.


       J I M P R U N T Y N A M E D E X E C U T I V E A D M I N I S T R AT O R
Los Angeles, CA – Carol Eddy, President of the Institute of Real Estate Management,
Los Angeles Chapter announced that the organization has hired James J. Prunty to
take the reins as Executive Administrator effective immediately.
                                                                                                                yan
                                                                                                                 esources
                         Mr. Prunty is a graduate of the University of Colorado and
                         has professional affiliations with the American Society of                     Real Estate Executive Search
                         Association Executives and the California Society of                                        Julie Ryan
                         Association Executives.
                                                                                                     Property Management
                         He is a seasoned executive with extensive experience in con-                 Recruiting Specialist
                         sulting, management, and as an executive director. He will                   Covering the Entire
                         handle the day-to-day business affairs of the chapter, arrange                  West Coast
                         meetings, events and coordinate educational programs. He                     22 years experience in
                         has held executive positions in development, operations,                Property Management Recruiting
finance and has worked in non-profit organizations ranging from start-ups to large
                                                                                                         (805) 496-6123
professional international management societies.
                                                                                                       FAX (805) 373-9802
                                                                                                       rrsearch@earthlink.net
He is married and has four adult children. He enjoys race car driving and is associat-            www.ryan-realestate-recruiting.com
ed with the Sports Car Club of America. When he is not busy driving he enjoys sport
flying with this son.

Welcome Jim, stop by the office and greet him.


          www.iremla.org                             Second Quarter 2005                                  Inside IREM-LA               5
                                                   We n g e r U p d a t e , 3 M a r c h 0 5

    S     orry to all for taking so long to provide an update from Baghdad. We
          have all, as you have been seeing and reading in the news, been just a
          little busy here. I have been especially busy, because I have voluntarily
                                                     changed jobs. After working
                                                     closely with the Interim Iraqi
                                                                                          of this responsibility
                                                                                          includes the security of
                                                                                          3650 kilometers (2280
                                                                                          miles) of border, 340 bor-
                                                                                          der forts, 14 major Ports of
                                                     Government to include                Entry, and 15,000+ border
                                                     Prime Minister Allawi and            police, four regional head-
                                       William his cabinet for whom my                    quarters, the national head-
                                     V.Wenger Policy Section and I acted as               quarters, and seven training
                                                     a sort of shadow staff writing       academies, including stu-
                                     Photo: Courtesy critical documents and let-          dents at the largest police In front of Fort Wenger with Brigadier General Saber, my
                                            of       ters for the use of the major        training academy in the friend, comrade in arms and commander of the Al Anbar
                                        William V.   players, and helping the U.S.        world in Amman, Jordan.      Brigade of the Desert Wolves, Iraq Special Border Force.
                                         Wenger      Embassy shepherd the elec-
                                                     tions process, we were all           In this job I have traveled to
                                                     extremely gratified by the           Jordan with contingents of the border police student and 4 times to the
                                                     significant turn out of the          Syrian/Jordanian/Iraq border to deploy border forces there. This includes
    Iraqi people despite numerous ugly threats by the insurgent thugs that if any         several 10 hour bus trips with the forces to see them safely to the Forward
    Iraqis voted, they would die. Despite that, as you have seen, more than half          Operating Base at Al Walid for further deployment to the border forts. I was
    the eligible voters in Iraq voted, and not one insurgent was able to penetrate        very pleased and actually shocked after several trips to the border, that the
    a voting location, of which there were 5,300 and cause problems. As I have            Commanding General of the brigade at in Al Anbar Province, Brigadier
    told numerous Iraqi friends and acquaintances, the Iraqi people are to be             General Saber, told me after we toured Fort # 14 where the Syrian and
    highly commended extremely proud of their bravery and dedication to inde-             Jordanian border meet the Iraq border (the point furthest west of Baghdad,
    pendence and democracy.                                                               200 miles), that the Fort is no longer to be know as Fort # 14. He smiled
                                                                                          and told me that this fort is now to be known as "Fort Wenger!" I am great-
    On the eve of the election, 30 January 05, the U.S. Embassy at the                    ly honored. To top off the day, on the way back to the Forward Operating
    Presidential Palace was attacked by insurgents firing two 122mm Chinese               Base, we actually saw a nearly totally black, quite large Desert Wolf running
    Kathusa rockets. Both rockets hit the south end of the enormous building.             across the dirt trail.
    One rocket exploded instantly killing two individuals. 10 feet away a second
    rocket penetrated the palace wall and flew though a computer at which one          This is one of the most challenging jobs I have ever had.This enormous task
    of my best friends and former company commander of one of my compa-                is the job of my very small staff of seven. We have tactically managed the
    nies in Inglewood                                                                     fielding and expansion of the forces on the Syrian border, staffed and
    when I was a battalion                                                On parapet of transported thousands of students to the academies, trained Iraqi instruc-
    commander in the                                                       Fort Wenger tors for all academies, equipped the border forces, and worked with the
    1990’s, Major Russ                                                     with Desert    Iraqi Department of Border Security to develop a comprehensive nation-
    Smith. Smith was hit                                                    Wolves. In    al strategy for the development, fielding, operation of the border security
    by the rocket that did                                                   the back-    forces to include the assumption of all responsibility for this operation as
    not explode but frag-                                                   ground are    soon as is reasonably possible.This job is, at times, enormously rewarding
    mented on impact.                                                    the borders of in the form of satisfaction by the Iraqis for the progress that is being made,
    He cut seriously on                                                    Jordan and     and the comradeship we have enjoyed with the field troops. On the other
    the back of the head,                                                      Syria.     hand, this work can be extremely frustrating because of the significant dif-
    arms and received a                                                                   ferences in, not just language, but enormous gulfs in culture and values,
    large laceration to his forehead when he was thrown across the room by the         as well as the Iraqi approach to organization, military sonority, and account-
    impact of the rocket. He was medevaced to the CASH, the hospital in the            ability.We often say that nothing is easy in Iraq.
    Green Zone where was treated and released 3 days later to recover in his
    trailer for a week and return to duty as he had asked to be done. He failed        Lately, one of my favorite quotes is a timeless bit of advice from T.E.
    to properly recover. He was discovered to suffer from loss of mental acuity,       Lawrence, who has grown enormously in my eyes for what he was able to
    hearing, and short-term memory. After several evaluations he was mede-             accomplish in this region:
    vaced to Landstule, Germany and then to Walter Reed Medical Center in
    Washington, D.C. for an extended period. He will return to California, his         Do not try to do too much
    home, in March for six months or more convalescence. He is expected to             with your own hands. Better                                             Iraqi desert:
    recover nearly 100% over time, but that has yet to be determined. We all           the Arabs do it tolerably then                                         I have never
                                                                                                                                                            seen so much
    pray for him daily.                                                                that you do it perfectly. It is
                                                                                                                                                             nothing in my
                                                                                       their war, and you are to help                                      life. To simulate
    In January, I volunteered for field duty as Director of Border Security for the    them, not to win it for them.                                         this at home:
    Civilian Police Assistance Training Team of the Multi National Force Security      Actually, also, under the very                                      Take 12 sheets
    Transition Command – Iraq. My responsibilities cover the recruiting, train-        odd conditions of Arabia,                                           of coarse sand-
                                                                                                                                                              paper, paste
    ing, equipping, deploying and operations of the Iraq Border Police and the         your practical work will not
                                                                                                                                                              together and
    Special Border Forces, recently created, known as the Desert Wolves. I am          be as good as, perhaps you                                              stand in the
    responsible for working closely with the Iraqi Department of Border                think it is.                                                          middle of the
    Enforcement under the direction of the Ministry of the Interior. The scope                                                                                    result.




6        Inside IREM-LA                                           Second Quarter 2005                                                 www.iremla.org
                              MODERATE GROWTH STILL IN VIEW
                                 FOR LOS ANGELES IN 2005
            By Jack Kyser, Chief Economist, Los Angeles County Economic Development Corporation
                                                                          ness show game, but should stimulate additional construction in

L      os Angeles County’s economy moved into 2005 at a steady
       growth rate, mirroring the state and nation.When assessing
       the overall outlook, there are a lot of positive things on the

                          Jack Kyser is
                                                   economic side, but
                                                   on the political and
                                                                          and around Downtown Los Angeles.

                                                                          Another favorable sign for the local economy is a continued flow
                                                                          of business expansions, despite a less than wonderful business
                          Chief Economist with the business   environ-
                          Los Angeles County                              environment in the state. Large and small firms across a wide
                          Economic Development
                                                   ment fronts there      spectrum of industries are involved.
                          Corporation (LAEDC).     will be lots of tur-
                          Called the "guru of the  moil in the months
                          Los Angeles economy" by  ahead.                 One on-going pain for construction and real estate development
                           the Los Angeles Business                       will be the high costs of construction materials, and little relief is
                           Journal, Mr. Kyser is
                                              On the economic
                           responsible for interpret-
                                                                          in sight. In addition, it looks like oil prices have moved to a high-
                                              front, the aerospace
                           ing and forecasting eco-                       er level.Another concern is the possibility of electric power short-
                           nomic trends in the Los                        ages in Southern California if there is a hot summer in 2005.
                                              industry in Los
                           Angeles five-county area.
                                              Angeles is adding
                                              jobs. There is talk of      Now to the political situation in California. It looks like the
defense budget cuts, with the F-22 fighter and missile defense            Governor and the Legislature will be sparring over several issues
being the local programs most at risk. In the meantime, com-              over the course of 2005, and the business community will have to
mercial aircraft production is starting to show more signs of life.       monitor the situation closely. We understand that there will be
Yes, we will soon see the end of the 717 program in Long Beach,           another push for split-roll taxes on nonresidential property, and
but there will be an increase in subcontracting work for both             that some of the proposed upward revaluations are quite aggres-
Boeing and Airbus.                                                        sive. Unfortunately, the Legislature still does not seem to grasp
                                                                          the competitive arena in which the state’s businesses now operate.
Every one agrees that 2005 will be a good year for international          The feeling still seems to be that business can "take anything" the
trade. The only questions are how good and will we see conges-            legislature throws at them.
tion at local ports again? Several steps have been taken to enhance
our ability to move cargo through the region, but it will be touch
and go as more large container ships enter service during the year.       MESSAGE FROM THE
This whole situation has to be kept in the proper context; it’s not
just a "Los Angeles problem." The nation’s whole transportation
infrastructure desperately needs attention and investment.
                                                                          PRESIDENT                              (continued from page 3)

                                                                           Of the 2,800 bills introduced, several hundred will impact real
                                                                           estate and property management. What can you do to protect
People are breathing a little easier in the motion picture/TV pro-         your owner’s asset(s) and the property management industry? 1)
duction industry due to the Screen Actor’s Guilds recent accep-            Make it a priority to educate yourself on the issues. Log onto
tance of a new labor contract. However, run-away production – to           www.iremla.org to view a complete list of the 2005 bills IREM,
other states – is still a major challenge. Several states have become      LA will monitor and track, as well as links to assist in your edu-
quite successful with their incentive programs, and now want to            cation and lobbying efforts. Visit www.irem.org for the issues
step up the level of their film production infrastructure. Governor        IREM will track nationally. 2) Immediately respond to any Call to
Schwarzenegger is proposing an incentive package for the indus-            Action requests. It takes but a few minutes to send your repre-
try, but this could be a tough sell. However, production of a film         sentatives a letter and each letter makes a difference. 3) Be IREM
does generate unrecognized tax revenue, so these incentives could          LA’s Legislative co-Chair in 2005 and help bring our residential
easily pay for themselves.                                                 issues to the members (www.karoishi@charter.net). All these
                                                                           efforts require a minimal time commitment – but the payoff will
                                                                           impact the direction of key legislative issues in our industry.
Prospects for tourism remain bright (the King Tut exhibit is gen-
erating a lot of interest), but the most exciting news is the pend-
                                                                           This is another benefit of your membership with IREM, so I
ing start of construction on the hotel next to the Convention
                                                                           encourage you to make your voice heard by joining us on Capitol
Center in Downtown Los Angeles. This will be followed quickly              Hill or responding to Calls to Action, which influence the out-
by work on "LA Live," the ambitious retail/entertainment center.           come of legislation affecting your business.
This will not only get Los Angeles back into the convention/busi-



              www.iremla.org                                 Second Quarter 2005                                  Inside IREM-LA                   7
                                          REGISTRATION FORM
                                            IREM-LA’s 8th ANNUAL GOLF CLASSIC
                                                         June 7, 2005
                                                  Robinson Ranch, Santa Clarita, CA
                                                                  www.robinsonranchgolf.com

    Company: _____________________________________________                           Type of Business: _________________________
    Contact Person:______________________________________________________ Friend of IREM: ( ) Yes ( ) No
    Address:____________________________________________________________________________________________
    Phone: _____________________ Fax: ______________________ E-Mail Address: _______________________________



                                                      SPONSOR REGISTRATION ITEMS

    PLATINUM SPONSOR    THE APARTMENT GUIDE                                      PHOTOGRAPHY SPONSOR                             $1,750
    GOLD FOURSOME             $1,750                                             LUNCH SPONSOR                                   $1,750
    SILVER SPONSOR            $1,250                                             PUTTING CONTEST SPONSOR                         $1,250/Prize
    19TH HOLE SPONSOR         $1,250                                             FOURSOME SPONSOR                                $1,750
    GOODIE BAG SPONSOR        $1,250/Goodie Bags                                 COURSE BEVERAGE SPONSOR                         $1,000
    GOLF CART SPONSOR         $1,000                                             TEE BOX CONTEST SPONSOR                         $1,250
    REGISTRATION SPONSOR      $1,750/Refreshments                                TEE BOX SIGN SPONSOR                            $ 250
    PROGRAM SPONSOR           $ 650                                              FLAG SPONSOR                                    $ 500/ Flags

    Sponsorship Type: __________________________________                          Sponsorship Amount:           $_______________

    Raffle Prize (describe): _______________________________                      Prize Value:                  $_______________


                                                              PROGRAM ADVERTISING
    QUARTER PAGE OR BUSINESS CARD (2-1/4” X 4”)                $150         HALF PAGE (5” X 4”) $225                FULL PAGE (5” X 8”) $350
    Program advertisements are due on or before May 12, 2005. Please send all camera-ready artwork to the IREM Office.
    For additional information regarding artwork set-up, please contact: Gil Ward of L.A. Printing Center at 213-481-1121


                                                              PLAYER REGISTRATION

    This year’s event will feature 2 formats. The Traditional Scramble Format using the Foursome Best Ball and for those golfers who want
    to play their own ball the Individual Format, i.e. keeping your own score. Please sign up for either the “Scramble Format” or
    “Individual Format” (SCGA handicap number required for the Individual Format; if you do not have an established handicap, one will
    be calculated for you after the tournament).

    Name of Golfers/Foursome Players/ SCGA number (if applicable):
    _________________________________/__________                                  _____________________________________/_________
    _________________________________/__________                                  _____________________________________/_________
                                   For additional “Format” information please go to www.iremla.org
    ____ @ $ 225/member ____ @ $ 250/non-member                                   Total Player Registration Amount: $_______________

    ( ) Credit Card or ( ) Check enclosed
    ____MC ____Visa Acct. No. ___________________________________________________ Exp. Date: _____________

    Name on Card: _________________________________________ Signature: _____________________________________

    REFERRED BY:                                              PHONE:
                       (IREM Member Contact Name)
    Please make check payable and mail to:  IREM Greater Los Angeles Chapter No. 6                              Attention: Christiane Riou
                                            350 S. Figueroa Street, Suite 121                                   Telephone:         213-633-1990
                                            Los Angeles, CA 90071                                               Fax:               213-633-1997
    REGISTER ON LINE AT: www.iremla.org




8     Inside IREM-LA                                      Second Quarter 2005                                               www.iremla.org
                                      W HAT T ENANTS A RE T ELLING U S …
                                                                     By Christopher Lee

          he office sector within the real estate industry has and                   ters, today’s office Property Manager is required to attend to

T         continues to experience the uncertainties of a rapidly
          changing world. The events of 9/11, increased regula-
                                    Christopher Lee is
                                                            tions regarding safety
                                                                                     the workplace environment, the public safety environment, the
                                                                                     personal needs of tenants and their employees… plus build
                                                                                     relationships with the "Lessee Signators." Despite these
                                    President and CEO of
                                                            and security, re-engi-   demands, satisfaction with the overall level of services being
                                    the Los Angeles-based   neered workplace         received is now 90.6 (a 4 percentage point increase from
                                    CEL & Associates, Inc., environments and an      2002).
                                    one of the nation’s
                                    leading real estate
                                                            evolving leasing envi-
                                    consulting firms spe-   ronment have made        The area with the lowest overall level of tenant satisfaction con-
                                    cializing in succession owning and manag-        tinues to be the "heating and air conditioning" system (72.7
                                    planning. For more
                                                            ing office buildings a   percent satisfaction level in 2004), followed by the appearance
                                    information on CEL &
                                    Associates, Inc., or to unique challenge.        and condition of the elevators (78.3) and visitor parking (or
                                    contact Mr. Lee direct- While the overall        lack thereof). Interestingly, one of the questions receiving the
                                    ly, readers are encour-
                                                            vacancy levels for       highest levels of tenant satisfaction was the "courtesy and
 aged to call (310) 571-3113 or e-mail Mr. Lee at                                    respect with which they are treated." Effort by Best In Class
 cel@celassociates.com.                                     downtown and sub-
                                                            urban office buildings   property management service providers to dramatically
has declined, albeit slowly, vacancy levels in most major metro-                     improve tenant relations, responsiveness and follow-through
politan areas remains in double digits. Responding to these                          and in general make office space occupancy a pleasant experi-
challenges, owners and/or operators of office buildings have                         ence is reaping rewards. Renewal intention, nationwide is up
shifted their efforts toward building tenant relationships and                       4.3 percentage points among those real estate firms utilizing
tenant satisfaction. Over the three-year period 2002 – 2004,                         CEL & Associates, Inc. tenant opinion survey processes and
CEL & Associates, Inc. analyzed the opinions of a stratified ran-                    annual performance improvement Action Plans.
dom sample of tenants throughout the U.S. Representing                               There are very few regional differences. Unlike the multifam-
approximately 100 million square feet of office space, these                         ily sector that has few national owners and service providers,
tenants have recognized the shift toward tenant retention-based                      the office sector has several national owners and service
services, policies and practices.                                                    providers. This consistency of service delivery systems and
Utilizing identical question sets asked of tenants via CEL &                         operating standards has commoditized the property manage-
Associates, Inc.’s tenant satisfaction opinion survey process                        ment process. While there are some outstanding and Best In
called REACT, 14 of the 15 questions which had the greatest                          Class service providers and self-managed real estate investment
percentage point increase over the 2002 - 2004 period per-                           trusts that have achieved excellence, it appears tenants are
tained to tenant services and the actions of the on-site proper-                     becoming more sophisticated and know they have choices on
ty management team and leasing personnel. The "follow-up                             where to lease… and what to expect. Real estate firms that are
and continuing contact with the leasing representative" had the                      not independently measuring and monitoring tenant comments
greatest increase (4.9 percentage points). This is a good                            and soliciting tenant feedback appear to be moving ahead… in
news… bad news story, however. The good news… the leas-                              the opinion of tenants nationwide.
ing representatives are following up. The bad news… the leas-                        Over the past 36 months, the renewed focus on building tenant
ing representatives know that their commissions come from                            relationships and shifting to a tenant-centric business model has
transactions, regardless of who owns the building. The second                        improved bottomline performance. Building Owners, Asset
area of greatest improvement was the quality of janitorial ser-                      Managers and Advisors recognize that tenant satisfaction and
vices (up 4.8 percentage points). The establishment of janitor-                      tenant service does count. Measuring tenant satisfaction, as the
ial standards and tying tenant satisfaction scores to incentive                      trending data shows, enables a firm to justify and prioritize its
awards appears to be working.                                                        performance improvement initiatives.
"Follow-up after problems have been reported to be sure that                                                             *****
they have been resolved" improved and the good news for
building owners who use REACT scoring to track tenant reten-                         Christopher Lee is President and CEO of the Los Angeles-based CEL & Associates,
tion… 88.3 percent of the tenant sample indicated that they                          Inc., one of the nation’s leading real estate consulting, compensation and tenant
would refer others to their building… and 87.3 percent would                         opinion survey firms. For more information on CEL & Associates, Inc., or to con-
"renew their lease, based on their feelings today." Unlike the                       tact Mr. Lee directly, readers are encouraged to call (310) 571-3113 or e-mail
                                                                                     Mr. Lee at cel@celassociates.com.
multifamily sector which focuses on lifestyle and living mat-
                                                                                                                                                (continued on page 17)


                www.iremla.org                                        Second Quarter 2005                                           Inside IREM-LA                       9
                                                       Facility Services                 Emergency/Disaster Services
                                                     ABM Family of Services                         Har-Bro, Inc.
                                                             Eric Johnson                          Dawn Sneed-Lucas
                                                         5200 S. Eastern Ave.                      2750 Signal Pkwy.
                                                        Los Angeles, CA 90040                    Signal Hill, CA 90755
                                                 (323) 720-4020, Fax (323) 727-7478       (562) 528-8000, Fax (562) 528-8050
                                                ejohnson@abm.com / www.abm.com                    dawn@harbro.com
                                                   ABM Engineering Services
                                                            Larry Grohs                          Guard Services
                                                   5300 S. Eastern Ave., Suite 100                  Guard Systems
                Attorneys                              Los Angeles, CA 90040
                                                (323) 887-5100, Fax (323) 724-9561                    Leo Austin
         Kimball,Tirey & St. John                lgrohs@abm.com / www.abm.com                     12124 Ramona Blvd.
                 Helaine Ashton                                                                   El Monte, CA 91732
         350 S. Figueroa St., Suite 498             ABM Janitorial Services               (626) 433-4999, Fax (626) 433-4988
             Los Angeles, CA 90071                                                          leoaustin@guardsystemsinc.com
                                                            Carl Lucero                        www.guardsystemsinc.com
      (800) 577-4581, Fax (213) 337-0080                5200 S. Eastern Ave.
          helaine.ashton@kts-law.com                   Los Angeles, CA 90040               Pacific National Security, Inc
                                                (323) 720-4020, Fax (323) 727-7478                    Joe Ramirez
           Palmer & Lombardi LLP                clucero@abm.com / www.abm.com               1835 S. La Cienega Ave., Ste 225
                Thomas Lombardi                                                                  Los Angeles, CA 90035
          445 S. Figueroa St., Suite 2580   American Commercial Security Services         (310) 842-7073, Fax (310) 842-7074
             Los Angeles, CA 90071                        Steve Robinson                    jramirez@pacific-companies.com
      (213) 688-0430, Fax (213) 688-0440          3580 Wilshire Blvd., Suite 1130
        tlombardi@palmerlombardi.com                  Los Angeles, CA 90010                     Universal Protection
            www.palmerlombardi.com             (213) 388-3600, Fax (213) 384-6880                   Cathy Campfield
                                                    steve_robinson@abm.com                      3000 S. Robertson Blvd.
      Environmental Carpet Care                                                                  Los Angeles, CA 90034
                 Nex Systems                        Ampco System Parking                  (310) 287-3103, Fax (310) 287-1340
                  James Rehn                               Arnold Klauber                    ccampfield@universalpro.com
                881 N. Main St.                            808 S. Olive St.
               Orange, CA 92868                        Los Angeles, CA 90014                   Janitorial Services
      (877) 639-0444, Fax (714) 744-2765        (213) 624-6065, Fax (213) 623-4298    Diversified Maintenance Services (DMS)
            jrehn@nexsystems.com                        aklauber@abm.com
                                                                                                   Stephanie DeCastro
      Construction Management                      Amtech Lighting Services                         145 Pasadena Ave.
                                                                                                South Pasadena, CA 91030
 Stonemark Construction Management                         Randy Parole                   (323) 254-4464, Fax (626) 254-4780
               Jacklyn Wolf                              1627 Chico Ave.                      sdecastro@dms-services.com
           401 Mobil Ave., Ste 11                   South El Monte, CA 91733
            Camarillo, CA 93010                 (626) 442-0886, Fax (626) 442-5305                    OneSource
    (805) 383-7604, Fax (805) 383-7605                  rparole@abm.com
                                                                                                      “Chip” Julin
       resource@stonemarkcm.com                                                                   3424 S. Garfield Ave.
                                            CommAir Preferred Mechanical Services
                                                                                             City of Commerce, CA 90040
      Access Control & Security                           Rick Halstead                   (323) 767-4000, Fax (323) 767-4037
               Kastle Systems                            18135 Napa St.                         cjulin@2onesource.com
                                                      Northridge, CA 91325
                 Clay Dunning                  (818) 734-1600, Fax (818) 734-1420
         6076 Bristol Parkway #100A                                                      Support Services of America, Inc.
                                                       rhalstead@abm.com
             Culver City, CA 90230                                                                  Alex Fortunati
      (310) 348-9430, Fax (310) 649-2668            General Contractors                     12440 Firestone Blvd., Suite 312
           claydunning @kastle.com                                                                Norwalk, CA 90650
                                               Advanced Restoration Specialists           (562) 868-3550, Fax (562) 868-7811
     Emergency/Disaster Services                            Pat Garcia                     www.supportservicesamerica.com
        Aeroscopic Environmental                         2548 Strozier Ave.
                                                    South El Monte, CA 91733                        Landscape
                  Ian Spitzman                  (626) 442-7700, Fax (626) 442-7800
          5145 San Fernando Rd.West                                                     ValleyCrest Landscape Maintenance
                                                        ars@advrestore.com
             Los Angeles, CA 90039                                                                     Mat Barisic
      (818) 543-3930, Fax (818) 543-3986          Environmental Services                     12087-20 N. Lopez Canyon Rd.
              ian@aeroscopic.com                                                                San Fernando, CA 91342
                                                  American Technologies, Inc.             (818) 897-9900, Fax (818) 897-5785
     Exterior Bldg. Maint/Window                          Jeanie LaCroix                       mbarisic@valleycrest.com
                Cleaning                            9701 Topanga Canyon Place
                                                       Chatsworth, CA 91311                    Tracerton Enterprises
                  HSG, Inc.                     (818) 700-5060, Fax (818) 700-5065                    Sean Gilmore
                 Hector Garcia                          www.amer-tech.com                      5057 W.Washington Blvd.
             4823 W. Jefferson Blvd.                                                             Los Angeles, CA 90016
             Los Angeles, CA 90016                                                        (310) 815-8283, Fax (310) 815-8638
      (323) 733-8552, Fax (323) 733-3306                                                       sgilmore@tracerton.com


10           Inside IREM-LA                       Second Quarter 2005                         www.iremla.org
              Paint                               Parking Revenue Control                               Roofing Contractor
           Frazee Paint                                    Acre Solutions                              Stone Roofing Co., Inc.
             Bonny Gray                                      Shari Carlson                                  Jeannette Hemme
          30517 Yucca Place                       25500 Hawthorne Blvd., Ste 2250                          730 N. Coney Ave.
         Castaic, CA 91384                               Torrance, CA 90505                                 Azusa, CA 91702
 (310) 621-3318, Fax (661) 793-6862              (310) 373-7212, Fax (310) 373-7203                (626) 969-6515, Fax (626) 334-6296
bgray@frazee.com / www.frazee.com                    scarlson@acresolutions.com                  jhemme@aol.com / www.stoneroof.com
     Paint / Contractor                               Personnel Services                                 Rubbish Removal
       J.P. Carroll Company                       Hoffmann Greco Bogdanovic                       UPW Waste & Recycling Service
            Kevin Fitzpatrick                              Janice Hoffmann                                  Shauna Kandilian
         310 N. Madison Ave.                        11684 Ventura Blvd., Suite 245                           P.O. Box 6890
        Los Angeles, CA 90004                           Studio City, CA 91604                            Pico Rivera, CA 90661
(323) 660-9230, Fax (323) 660-9238               (323) 650-9255, Fax (323) 650-9186               (562) 699-7600, Fax (562) 699-7665
   kfitzpatrick@jpcarrollco.com /                    janice@hoffmannsearch.com                      shauna@unitedpacificwaste.com
         www.jpcarrollco.com
                                                        Pipe Restoration                        Waste Management Consulting
     Paint Manufacturer                        Ace DuraFlo Pipe Restoration, Inc.                      Div-Con Environmental
            ICI Paints                                      Tim McHale                                          David Little
            Randy Floyd                                  3122 W. Alpine Ave                              151 N.Tustin Ave., Ste. E
          2180 Walnut St.                               Santa Ana, CA 92704                                 Tustin, CA 92780
        Pasadena, CA 91107                       (714) 564 7600, Fax (714) 564 7607                (714) 547-5505, Fax (714) 547-5535
(213) 798-5077, Fax (626) 793-0014                     tmchale@pri-corp.com                                 dflassoc@aol.com
            Parking                                   Rental Publications
        Parking Network                        The Los Angeles Apartment Guide
            Frank Zelaya                                   Emme Dahlin
   350 S. Figueroa St., Suite 562                  16030 Ventura Blvd., Ste. 310
       Los Angeles, CA 90071                             Encino, CA 91436
(213) 613-1500, Fax (213) 613-1502              (818) 465-1150, Fax (818) 465-1173
    frank@parkingnetwork.net                         mdahlin@adelphia.com /
                                                     www.apartmentguide.com
 For more information on our Friends of IREM program contact the IREM Office at (213) 633-1990 or visit our web site: www. iremla.org




                                                     JANITORIAL

                                                     LANDSCAPING

                                                     ENGINEERING

                                                     WINDOWS/METAL
                                                     MAINTENANCE
                                                     LABOR
                                                     MANAGEMENT
                                                     STORECARE

                                                     HOSPITALITY




            www.iremla.org                             Second Quarter 2005                                  Inside IREM-LA              11
                                     MARKET BEAT                        By Cushman & Wakefield of California
          ollowing an extremely active 2004,                amount of high-priced space off the market              has remained low. This has increased the

     F    the commercial real estate sector in
          Los Angeles County returned to a
     measured pace to start 2005. As the market
                                                            from areas such as Los Angeles West and
                                                            Tri-Cities. Due to the removal of these
                                                            availabilities, and the larger percentage of
                                                                                                                    amount of capital available, and buyers have
                                                                                                                    been willing to accept lower rates of return
                                                                                                                    for their perceived risk.
     caught its breath following an exciting close          vacant space now taken by lower cost                    In the industrial sector, Los Angeles
                                                            regions such as Los Angeles South, increas-             remains one of the premier markets across
                                                            es in average asking rental rates have been             the country The overall vacancy rate for
               CUSHMAN&                                     negated.                                                industrial product fell to 2.7% from 3.0%
               W                             ®                                                                      at the end of 2004.Thus far in 2005, nearly
               Global Real Estate Solutions SM              Although activity has stabilized in several             5.0 million square feet has been leased
                                                            markets across the county, leasing momen-               throughout Los Angeles County. Although
     to 2004, demand held firm as corporate                 tum is forecasted to increase into the year.            this is down slightly from fourth quarter,
     confidence and profits continued to                    This will, in turn, cause upward pressure               the first few months of the year are typical-
     increase. Corporate tenants are increasing-            on asking rental rates in premier proper-               ly a slower period of activity. In addition,
     ly willing to make large expenditures                  ties. In addition, lease concessions will               nearly 5.5 million square feet has been pur-
     regarding real estate as the economic out-             become more limited as demand strength-                 chased, approximately 55% of which have
     look brightens across the country. In addi-            ens. Despite increasing contract rents, ten-            been bought by users. Continued demand
     tion, the abundant capital allocated to real           ants have leased more than 4.0 million                  for imported goods and a strengthening
     estate has increased investment activity               square feet this year. In addition, there are           Asia as a market for exports and materials
     across Southern California. As local                   many large tenants in the market that are               has led to record levels of cargo traffic at
     investors have already                                                                                                          the Ports of Los Angeles
                                    25%                                                                                      $30.00
     realized, the dynamic and                                                                                                       and Long Beach.
     diverse Los Angeles econ-                                                                                               $25.00
     omy is ideal for invest- 20%                                                                                                   The real estate market in
     ment capital, which is now                                                                                              $20.00 Los Angeles County should
     flowing into the region 15%                                                                                                    continue its strength
     from other areas of the                                                                                                 $15.00 throughout 2005. Leasing
     country and across the 10%                                                                                                     demand is forecasted to
                                                                                                                             $10.00
     globe.                                                                                                                         grow as jobs are added and
                                        5%
                                                                                                                             $5.00  corporate profits rise
     Despite the decrease of                                                                                                        across the country. In addi-
     activity in office proper-     0%                                                                                       $0.00  tion, investment sales will
     ties, preliminary results            1996 1997 1998 1999 2000 2001 2002 2003 2004                               1Q05           continue to prosper despite
     for first quarter have                     Office Vacancy Rate            Industrial Vacancy Rate                (est)         high prices and cap rate
     depicted a continuation of                 Office Average Rental Rate     Industrial Average Rental Rate                       compression. Investors
     declining overall vacancy                                                                                                      from other parts of the
     rates to an estimated 14.2%. This repre-            expected to consummate deals before the                    U.S. and throughout the world are seeking
     sents a decrease of 0.6% from fourth quar-          end of 2005.                                               to diversify their portfolios with acquisi-
     ter and nearly 3.0% from first quarter              The diverse economy and solid demand for                   tions in Los Angeles.The low cost of capital
     2004. As the economy continues its expan-           office space has resulted in additional capi-              and the limited supply of developable land
     sion, vacancy rates are forecasted to dip           tal being allocated to Los Angeles office                  will further increase sale prices per square
     below the 14.0% mark by 2006.                       properties by investors from across the                    foot for the remainder of the year.
                                                         globe. Approximately 5.0 million square                    Although issues such as business costs,
     Currently, asking rental rates average              feet of office product has traded thus far in              infrastructure problems, and port conges-
     $24.84 per square foot per year in all class-       2005, already surpassing the 4.8 million                   tion remain, 2005 has the potential to be an
     es and $26.64 per square per year in class A        square feet purchased in fourth quarter                    extremely productive year for most areas of
     properties. Compared to a year ago, the             2004. With a continuation of measured                      Los Angeles County.
     current asking rates depict a measure of sta-       interest rate increases by the Federal
     bility. However, the flight to quality phe-         Reserve and low long-term interest rates,
     nomenon witnessed in 2004 took a large              the cost of raising capital for acquisitions

                                                    This Market Beat Report has been provided by Cushman & Wakefield of California
       For additional information or services, please contact Randall Sakamoto, Research Services, Southern California at 213.955.6462 REAL NUMBERS...REAL DECISIONS


12            Inside IREM-LA                                      Second Quarter 2005                                            www.iremla.org
           IREM LA/BOMA of Greater Los Angeles
                    Seminar @ Sea
                                       Registration form


Carnival Cruise Lines (Group 6D5C07)
Ship: Paradise (3 Day)
Date: August 5-8, 2005

Passenger Names as they appear on Passport and/or Birth Certificate.
              (If using birth certificate it must be original)

Affiliation: ( ) IREM LA                   ( ) BOMA

1. ___________________________                             ____________________
 (LAST NAME) (FIRST NAME) (BIRTHDATE)                      (STREET ADDRESS)

2. ___________________________________________             _______________________________
  (LAST NAME) (FIRST NAME) (BIRTHDATE)                     (APT. OR SUITE NUMBER)

3. ___________________________________________             _______________________________
  (LAST NAME) (FIRST NAME) (BIRTHDATE)                     (CITY)     (STATE)      (ZIP)



Port charges and Taxes:          $111.45 per person

Cabin preference: Price per person
Inside State Room        ( ) $463.55 Category 4B
Ocean view Stateroom     ( ) $513.55 Category 6B

Dining requested: Late seating 8:00 PM
Pre-paid Gratuities: $30.00 per person (optional)

Travel Protection Insurance: $59.00 per person (optional)                      ( ) Accepted
                                                                               ( ) Declined

Deposit Due: $100.00 non-refundable deposit per person to reserve cabin.

Form of payment:         ( ) Check
                         ( ) Credit Card__________________________________________
                                                                               (Expiration Date

Make checks payable and mail to:
                       IREM GREATER LOS ANGELES CHAPETR NO. 6
                        350 s. Figueroa St., Ste. 121, Los Angeles, CA 90071
                                 213-633-1990, Fax (213) 633-1997
                                     E-Mail: iremla@pacbell.net




www.iremla.org                          Second Quarter 2005                                       Inside IREM-LA   13
                              2005 CALENDAR OF EVENTS (subject to change)
                     APRIL                                            MAY                                         JUNE
     22 9:30 a.m. Executive Council Meeting       25 9:30 a.m. Executive Council Meeting         14 Fair Housing/ADA local seminar
                                                     11:30 a.m. Membership luncheon
          10:30 a.m. Candidate Guidance              Installation New CPM®’s/ARM®’s              7    Golf event Robinson Ranch

          11:30 a.m. Membership luncheon                                                         23 9:00 a.m. Executive Council Meeting
          Olympic Collection, Los Angeles                                                           Ernst & Young Plaza Building
          Roundtable Discussions                                                                    Los Angeles




                      JULY                                           AUGUST                                     SEPTEMBER
     21-23 RES201 “Successful Site                5   Seminar at Sea                             13-14 MNT402 “Property Maintenance
     28-30   Management”                                                                               and Risk Management”
                                                  19 “Budget/Residential & Commercial”           15-16 FIN402 “Managing Investment
     27    9:30 a.m. Executive Council               Seminar                                           Real Estate: Financial Tools”
           Meeting                                                                               28    4:00 p.m. Executive Council Meeting
           10:30 a.m. Candidate Guidance              Strategic Plan (TBA)                             4:30 p.m. Candidate Guidance
           11:30 Membership tour of loft                                                               5:30 p.m. Friends of IREM
           with box lunch, Downtown                                                                    Trade Show
           Los Angeles                                                                                 7:00 p.m. Membership dinner
                                                                                                       jointly with ARM® members and
                                                                                                       2005 Elections
                                                                                                       Omni Los Angeles Hotel

                  OCTOBER                                      NOVEMBER                                         DECEMBER
     24-25 ASM603 “Commercial R.E.                                                               7    Executive Council Meeting
           Financing & Valuation” - Part One          Local series                                    Ernst & Young Plaza Building
     26-27 ASM604 “Commercial R.E.                                                                    Los Angeles
           Financing and Valuation” - Part Two
     28    ASM605 “Cash Flow Analysis:
           Practical Applications”
     26    9:30 a.m. Executive Council
           Meeting
           11:30 a.m. Membership luncheon
           Installation new CPM®s/ARM®s
           Installation 2005Officers/Councilors
           Omni Los Angeles Hotel
           Installation new CPM®s/ARM®s




                                                                             Edward J. McKeegan, JD, CPM, CCIM
                                                                             President


                                                                             5757 W. Century Blvd., Suite 605
                                                                             Los Angeles, California 90045
                                                                             310.258.0444 Ext. 16
                                                                             Fax 310.258.0440
                                                                             edmckeegan@meirealty.com




14          Inside IREM-LA                                 Second Quarter 2005                                      www.iremla.org
      WANTED             PARTICIPANTS
             IREM LA’s Participation Pay Off is back!




                           Last year’s winner – Mary Shaw

                     REWARD $2,500
        To enter the drawing(s) all you have to do is get involved and participate by:
-   Attending and participating in committee meetings
-   Attending monthly membership meetings
-   Attending a special event (golf tournament, Forecast Breakfast, IREM Nat’l Conference)
-   Recruiting a new member
          > CPM®, ARM®, Candidates, Friends of IREM, Associate or AMO®
          > Interview potential members
          > Interview a Candidate
-   Writing an article for IREM LA publication
-   Attending executive council meetings

    Drawings will be held quarterly and include golf, shopping spree and $$$ cash $$$!
                      The Grand Prize for a $2,500 Pleasant Holidays
               vacation to the resort of your choice will be awarded October.

                                All winners must be present.

    For more information please call (213) 633-1990 or go online: www.iremla.org.




                                                                HOW MANY COMPANIES DOES IT TAKE
                                                                TO CHANGE A LIGHT BULB? ONE.

                                                                                                   Day-Lite
                                                                                                    maintenance
                                                                                                    LIGHTING/ELECTRICAL
                                                                                                          Serving Southern California
                                                                                                               For Over 40 Years



                                                                • Energy Efficient Lighting • Interior & Exterior Lighting • Parking Lot Lighting
                                                                      • Electrical Trouble Shooting • Neon & Fluorescent Sign Repair
                                                                                 714-634-3811 • 909-682-7750
                                                                                F o r i m m e d i a t e b i d , FA X s i t e p l a n t o : 7 1 4 . 6 3 4 - 9 0 9 7




                                                                         www.day-lite-maint.com

                             www.iremla.org                                                  Second Quarter 2005                                            Inside IREM-LA   15
                               THE CITYSCAPE TRANSFORMED…
                                      A GREAT SUCCESS
                                                   By Farzaneh Tofighi, CPM ®
     January 20, 2005, 8:00 a.m. I felt proud to be a member            There is regional focus and national focus. (Be knowl-
     of IREM and part of the 11th Annual IREM/BOMA Real               edgeable)
     Estate Forecast Breakfast. There were over 700 prominent
     real estate professionals in the Bunker Hill Ballroom of the        People who work in your organization are valuable
     Omni Hotel. This was a property manager’s dream. As I            assets.
     was getting ready to settle in and enjoy my breakfast and
     the speakers, Carol Eddy approached me and asked if I            Mr. Coleman finished his presentation by emphasizing the
     could take notes and write an article for Inside IREM, LA        importance of flexibility and to follow the field as opposed
     Magazine. I panicked – how do you say no to IREM, LA’s           to the ball!
     Chapter President? What if I miss something? Over the
     loud speaker, Barbara Harris, President of BOMA/GLA              Mr. Soboroff spoke on the enormous housing demand in
     called the breakfast to order and introduced Cynthia             Los Angeles. He believes that the traditional family unit is
     Giordano, Chair of the Forecast Breakfast Committee.             in the minority, which absorbs only 10% of the housing
     Organization leaders Carol Eddy, President of IREM LA            market. Steve emphasized that we need more housing for
     and Pamela Westhoff, Chair of BOMA/GLA welcomed                  the non-traditional families. There is a huge demand for
     everyone and introduced the moderator. With pen in               housing and very little supply. There are five buyers for
     hand, I was determined not to forget a thing –                   every one seller. He suggested that developers build hous-
                                                                      es where there are jobs and build for the masses. Utilize
                                                                      old airports and army bases and transform them into
                                                                      European style homes and communities. Mr. Soboroff
                                                                      mentioned several things that can go wrong, which will
                                                                      impact Southern California’s housing market. 1) Massive
                                                                      earthquake, 2) Civil unrest, 3) Rise in interest rates. If
                                                                      interest rates go up 3-4%, there will be a shift in the mar-
                                                                      ket place. Steve also says things have gone wrong to put us
                                                                      in this position, such as the price points of real estate
                                                                      which are too high and LA’s out of control traffic.
                                                                      If you did not attend the event, you missed a wonderful
                                                                      presentation by David Sears, Vice President of JP Morgan
                                                                      Fleming Asset Management and Brad Cox, Principal of
                                                                      Trammell Crow Company. Once the jackhammer stopped
     Steve Soboroff, President of Playa Vista, one of the most        these gentlemen brought us up to speed on the develop-
     significant multi-use real estate projects, was the modera-      ment of 2000 Avenue of the Stars.This project will be built
     tor. Steve introduced the first speaker, Mr. Victor              on the site formerly known as the ABC Entertainment
     Coleman, President, COO and co-founder of Arden                  Center and is certain to give Century City a facelift. The
     Realty.Victor said that in this day and age, timing is more
     important than location. He went on to say that he doesn’t
     know if now is the right time to buy or sell, but it is a good
     time to be an owner. He stressed consistency is the key and
     today’s investors are looking for long-term investments.
     Victor said, "We need to stay on course. Owners don’t
     want money back, they want results". He mentioned recy-
     cling capital is important and also believes:
        Customer-relations are very important. (Know your
     tenants and their needs)
       Leasing is essential, so are the brokers (It’s always a bro-
     ker’s market)                                                    15-story project will include 724,000 square feet of office
                                                                      space, 45,000 square feet of retail space and 10,000 square
       Innovation - selling for status quo is not good. (Stick to     feet of cultural pavilion and is scheduled to be completed
     your core business)
                                                                      by September 2006. Brad and David ended by saying that
                                                                      2003 was the bottom of economic cycle and LA’s vacancy
                                                                      rate in 2004 dropped to 14% and they project Santa
                                                                      Monica’s vacancy rate will drop to 5% in 2005.
                                                                                                                 (continued on page 17)


16         Inside IREM-LA                             Second Quarter 2005                             www.iremla.org
                           IN MEMORIAN                                                THE CITYSCAPE TRANSFORMED…
                                                                                             A GREAT SUCCESS
                                                                                                                            continued from page 16
     IREM members extend their condolences to
      Candi Kocker and her daughter Jacklyn
   on the death of her husband in a tragic accident.                                   Chris Lee, President and CEO of CEL & Associates,
                                                                                       believes that the rules of the game in property man-
                                                                                       agement are changing. He stressed today’s property
                                                                                       managers must be creative, organized and balanced.
                       JACK A. MOWBRAY                                                 Tenants are expecting property managers to be knowl-
                       11/3/66 – 1/23/2005                                             edgeable, accessible, trust worthy, accurate, open and
                                                                                       communicative. Chris indicated that real estate build-
                                                                                       ings have become a commodity and the role of the
                                                                                       property manager is changing due to:
 W HAT T ENANTS A RE T ELLING U S …                                                      A shortage of tenants
                                                             continued from page 9
                                                                                          High level of employee turnover (30% in 2005)
                             Office Tenants                                               Pressure to raise compensation, greater than the
                       Regional Scores By Question
                                                                                       rate of inflation
          Question                 Region         2002              2003     2004
Overall level and              Midwest                85.9          91.8     91.9        An aging work force with a need to bring younger
quality of services            Northeast              88.2          91.2     90.6      people to the industry
                               South Central          84.7          88.9     90.2
                               Southeast              87.9          91.3     92.6        A shift in property management responsibilities
                               West                   87.2          89.3     89.2
                               Midwest                74.9          81.9     79.8        A change in the definition of asset management
Janitorial services
                               Northeast              75.2          78.4     78.1
                               South Central          71.5          75.7     77.9
                                                                                       Mr. Lee suggests we spend less time on procedures,
                               Southeast              75.4          81.6     82.4      reacting to problems, responding to owners’ request,
                               West                   75.7          78.0     79.0      reporting, managing others and instead spend more
                               Midwest                87.1          91.2     92.2      time on tenant relations, providing solutions, leading
Clarity of communications
                               Northeast              89.3          91.9     91.4      others and creating value.
                               South Central          85.8          90.0     90.4
                               Southeast              88.7          91.8     92.8      Last, but not least Jack Kyser, Chief Economist believes
                               West                   87.8          89.8     89.8      that the economy in Southern California is optimistic.
 Heating and air               Midwest                65.5          72.5     72.1      He stated that California’s personal growth income has
conditioning systems           Northeast              66.2          69.4     68.7      grown and unemployment is down. As for the region-
                               South Central          70.6          74.2     74.7      al growth pattern, Northern California is making a
                               Southeast              70.1          76.0     76.2      comeback. Jack also stated that the value of our dollar
                               West                   69.4          71.0     71.1
                                                                                       is down and the Euro is up.This combination will cause
                               Midwest                82.9          89.8     87.5
Renewal intention
                               Northeast              85.0          87.5     88.0
                                                                                       higher inflation at the end of 2005. Jack made us aware
                               South Central          80.5          84.3     86.6
                                                                                       of some of the unknowns in 2005, which include: Oil
                               Southeast              84.7          87.9     89.4
                                                                                       prices, interest rates, value of the dollar, health care
                               West                   83.5          86.6     86.0      cost and the deficit. What Californians need to watch
                                                                                       in 2005 is "BRAC" – Budget, Business, Climate and
                             Office Tenants                                            Congestion.
                   Greatest Percentage Point Increase
                              2002 - 2004                                              Mr. Kyser finished
                                                                              Point
                                                                                       his presentation by
                                                                             Change    giving us our march-
                 Question                   2002             2003     2004    02-04    ing orders for 2005.
Follow-up by leasing representative         78.6             82.7     83.5     4.9     He said,
Quality of janitorial services              74.3             78.4     79.1     4.8
Overall tenant morale                       82.7             86.5     87.4     4.7     "Lead….follow….
Services to support tenants                    80.0          83.7     84.3    4.4      or wallow.See the
Follow-up after problems are reported          83.0          86.5     87.3    4.3      world as it really is!"
Window washing                                 77.7          81.0     82.0    4.3
Recommend building to others                   84.0          87.8     88.3    4.3
Renewal intention                              83.0          86.4     87.3    4.3
Overall level/quality of leasing services      80.7          84.1     84.9    4.3




                www.iremla.org                                               Second Quarter 2005                        Inside IREM-LA               17
     2005 COMMITTEE CHAIRS
     Advertising
     Open
                                             Hospitality
                                             Marvin Meadows, ARM®
                                                                                 Outreach
                                                                                 Jacqueline Harris, CPM®
                                             818-240-1070, fax 818-242-5882      310-466-5307, fax 310-484-3760
     ARM®                                    marvinm@dnsrents.com                Jacqueline_harris@catellus.com
     Richard Risty, ARM®
     310-962-4949                            Income/Expense Analysis             Programs
     R-square@msn.com                        Open                                Sharon Fong, CPM®
                                                                                 310-641-2100, fax 310-670-3413
     Candidate Guidance                      International Affairs               sfong@jetcargo.com
     Maureen Quintanar, CPM®                 Jonna Greenlee, CPM®                        and
     310-477-9899, fax 310-477-9639          Greenlee@thriftyoil.com             Shahrouz Golshani, Associate
     mquintanar@irvinecompany.com                     and                        213-933-5707, fax 213-933-5706
                                             Steve Lee, CPM®                     shahrouz@plazaproperty.com
     Communications                          213-386-3400, fax 213-386-0707
     Laurie Gral, CPM®                       vinesteve@aol.com                   Publications
     818-264-7434, fax 818-264-7430                                              Open
     laurie_encore@mpowercom.net             Legislation
                                             Karen Oishi, CPM®                   Real Estate Forecast
     Education                               562-400-2656, fax 562-429-9001      Mike Prestridge, CPM®
     Charles Hicks, ARM®                     karoishi@charter.net                323-733-8552, fax 323-733-3306
     626-676-7911, fax 626-398-9536                                              mjprestridge@hsg-inc.com
     chcalifre@hotmail.com                   Media Relations
                                             Open                                Scholarship
     Friends of IREM                                                             Jeff Gunther, CPM®
     Dave Stairs, CPM®                       Membership                          213-622-4442, fax 213-893-7761
     213-327-1107, fax 213-327-1147          Co-chair Kim Hosea                  j.gunther@morlinmgmt.com
     dstairs@legacypartners.com              310-282-7842, fax 310-282-7845
                                             kim.hosea@cnb.com                   Web Site/Directory
     Golf Event                                       and                        Claudia Ng, CPM®
     Greg Pineda                             Charles Brashear                    310-207-8481, fax 310-207-3483
     818-596-5259, fax 818-596-5280          310-821-9302, fax 310-821-3680      Claudia.ng@jalmar.com
     gpineda@invesdev.com                    outlier48@earthlink.net




                                       We Specialize In:
                                      • Security Officers (Armed/Un-Armed)
                                      • Armed/Un-Armed Patrol
                                      • Property Management Support
                                      • Building Concierge Services
                                      • Security Consulting
                                      • Statewide Security Services




                               Fax: 310-263-2503           www.aaprotectiveservices.com
                           Corporate Office: 4431 Rosecrans Ave., Suite 200 Hawthorne, CA 90250



18          Inside IREM-LA                        Second Quarter 2005                      www.iremla.org
                           D O C U M E N T, D O C U M E N T, D O C U M E N T
                                           Kimball,Tirey & St. John – By Kathy Belville, Esq.
                                                             March, 2005
As an attorney, there is nothing more frustrating than not being able to         ment included a paragraph which stated that the all non-emergency
achieve the result a client wants, because of an error by the client that        maintenance requests must be submitted in writing.There was a chrono-
was avoidable. Clients are also frustrated when they realize that they           logical log of maintenance requests. The log did not show any request
could have increased their chances of reaching their business goals, but         from the defendant regarding a window. There was no written mainte-
didn’t take the necessary steps to do so. I have learned over the years, that    nance request about a window repair.There was, however, a record that
the most common regret is the failure to be able to produce sufficient           the resident has asked for a dripping kitchen faucet to be fixed and the
written records to support the client’s position in litigation.                  log showed a quick response. The judge decided it was not likely that a
                                                                                 landlord who had such a good paper trail and quickly fixed small things
Our law firm, Kimball, Tirey & St. John (KTS) believes in practicing             like a faucet, would ignore a request to fix a window. He found for the
"preventive law," (the avoidance of legal entanglements through prepa-           landlord.
ration) the cornerstone of which is education to help landlords make
informed legal decisions.We provide hundreds of landlord training pro-           2. A resident had lived in a community for 4 years when she began act-
grams throughout the state each year. At each session, we consistently           ing strangely. She screamed at neighbors and staff and exposed herself.
stress the importance of documentation. Nevertheless, we still find our-         Management spoke to her several times over a period of 2 months.
selves with little or no documentation in case after case. Let me try again      Finally she hit the manager and threatened her. She lived in subsidized
to convince readers of this article that keeping records is worth the effort!    housing. The clients wanted to evict the resident. They had a grievance
                                                                                 hearing at which the resident stated that she could not be evicted because
Landlords have an uphill battle trying to win cases against residents.           she was bipolar and entitled to a disability accommodation.The manager
Whether the landlord is the plaintiff in an eviction or the defendant in a       is on worker’s comp as a result of the psychological impact of the attack.
claim of discrimination, judges and juries have a tendency to hold land-
lords (even "Mom and Pop" landlords with only a unit or two) to a high-          When the clients called to see whether to serve a notice, there were sev-
er standard than residents. So the residents get the benefit of the doubt.       eral issues to consider: the termination of tenancy in subsidized housing
The landlord not only has to strictly comply with the law, but needs to          requires more proof than in conventional housing, the resident request-
be able to provide convincing proof that he did so.                              ed an accommodation and there was potential liability for physical injury
                                                                                 to staff or other residents.
We all think that if we tell the truth under penalty of perjury, we should
be believed. Unfortunately, it is not that simple. When I represented            We asked about documentation. There were no letters from other resi-
clients at trial, I often thought: "why doesn’t the judge hurry up and give      dents regarding their complaints. In the absence of such letters, there
us our judgment? It is obvious that my client is right." Then I became a         were no confirming letters to the residents indicating that they had made
Judge Pro Tem, and saw things from the other side of the bench. Usually          oral complaints. There were no warning letters to the disabled resident
there were witnesses on each side of the case who gave believable testi-         indicating that her behavior was unacceptable.There was only the client’s
mony. I agonized over how I could tell what the facts were or who was            word against that of the disabled resident’s.
telling the truth? A very experienced judge once told me that he did not
care about the truth or the facts. I thought he had become cynical, but          Considering the lack of documentation, it is likely that the clients would
he went on to explain that his job was to look at the evidence and decide        have trouble prevailing in an eviction and the resident might even have a
what was "more likely than not" to have happened based on that evi-              fair housing case against them if they proceeded. In addition, if someone
dence. I realized he was right. How can a landlord convince a judge or           was injured, there could be a valid personal injury suit.
jury that his position is the one which is "more likely than not" to be right?   How much better it would have been if there was a paper trail showing
A judge or jury may believe that a resident’s memory of something that           all the problems with the disabled resident and that management had
happened to him is likely to be more specific than a manager’s memory            made it clear to her that she must come into compliance with the rules,
of the scenario.The theory being that the manager has to deal with many          or face eviction. The resident might have sought treatment and avoided
people and many scenarios, may not get the facts exactly right.Thus, pre-        trouble or, if not, the landlord might have been able to protect residents
senting documentation created at the time of the incident has great evi-         and staff by requiring the problem resident to relocate.
dentiary value.The bottom line is, the side with the best records usually        Keeping records requires establishing policies and procedures even if you
wins.That should be you!                                                         are a self-managing owner. It takes time and effort. It takes organization
Perhaps a couple of examples will help to underscore the importance of
                                                                                 and storage space. But records can be worth their weight in gold. It is
documentation:
                                                                                 hard to quantify how much time and money can be saved by avoiding
1. In an eviction for non-payment of rent, a resident’s defense was that         legal difficulties. Fair housing and personal injury cases can wipe out a
the landlord did not maintain the premises in a habitable manner. To prove       rental investment in the blink of an eye.
his position at trial, the resident testified that his living room window had
                                                                                 Please do yourself and your attorney a favor and make your lives easier:
fallen out and the landlord had not fixed it for 7 months.The judge’s eyes
                                                                                 document, document and document!
opened very wide as he considered how to punish the terrible slumlord.
If the manager had only been able to counter with a statement that the
resident was wrong, the landlord would probably have lost.                       Kimball,Tirey & St. John provides our clients with preventive law legal advice to
The judge needed evidence to show that it was "more likely than not"             avoid potentially costly lawsuits. Please contact our office to speak with one of our
that the landlord was the type who properly maintained his rental units.         attorneys when you are facing a fact pattern that has potential legal ramifica-
Fortunately, the landlord believed in documentation. The rental agree-           tions.



          www.iremla.org                                     Second Quarter 2005                                            Inside IREM-LA                       19
                   IREM-LA & BOMA/GLA PRESENT
                                            A SEMINAR AT SEA
                                            AUGUST 5-8, 2005




  IREM-LA and BOMA/GLA invite you to attend a Seminar at Sea, aboard the luxurious "Paradise" for a 3-Day cruise
  to Ensenada, Mexico.
  Enjoy a fun weekend to include networking, superb dining, entertainment and valuable insight from internationally
  renowned speaker and author, Larry Johnson. Larry is a corporate culture expert who delivers content-rich, high-
  ly motivational seminars on business ethics, leadership, customer service and managing with integrity. His clients
  include Harley Davidson, American Express, Southwest Airlines and Nordstrom Department Stores.

  SHIP SAILS:                         FRIDAY, AUGUST 5, 2005 – 5:30 PM
  SHIP RETURNS:                       MONDAY, AUGUST 8, 2005 (MORNING)
  INSIDE CABIN:                       $575.00*
  OCEAN VIEW CABIN:                   $625.00*
  DEPOSIT REQUIRED:                   $100.00 NON-REFUNDABLE

Register and reserve your cabin today by visiting www.iremla.org or call IREM at (213) 633-1990 for more details.

                                                   **Rates are per person and include the cost of cruise, port charges, taxes and the seminar.
                                                   There are a limited number of cabins. Rates and cabin availability are first come first serve.

Institute of Real Estate Management                                                                                              PRST STD
Los Angeles Chapter No. 6                                                                                                        U.S. Postage
350 S. Figueroa St. Ste 121                                                                                                        PAID
Los Angeles, CA 90071                                                                                                          Los Angeles, CA
                                                                                                                                 Permit 3344

				
DOCUMENT INFO
Shared By:
Categories:
Tags:
Stats:
views:121
posted:7/23/2011
language:Malay
pages:20