Chris Tourtellotte @CTourtellotte Twitter profile

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Chris Tourtellotte

@CTourtellotte

2 years

We’ve obtained entitlement approvals on 27 large-scale housing projects in California. Here’s the top 10 most off-the-wall objections I’ve heard at our public hearings: 👇

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Chris Tourtellotte

@CTourtellotte

3 months

@sweatystartup In 2016 my wife and I got married in Tulum Mexico. Her family was from Maine and mine from Colorado and SoCal so it was central(ish). Was such an incredible 5 days of fun

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Chris Tourtellotte

@CTourtellotte

1 year

In Los Angeles, people chase fame In New York, people chase money In Boston, people chase knowledge In DC, people chase power

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Chris Tourtellotte

@CTourtellotte

2 years

1) “Your building is so tall, airplanes are going to crash into it causing complete and total destruction! It will be chaos!” [It was 85’ tall….]

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Chris Tourtellotte

@CTourtellotte

2 years

5) “My dog has PTSD, and construction noise is going to give him a mental breakdown. You must pay me $5k/ month for his therapist.” [She then suggested that a total dog therapist budget of $12,000 might be acceptable.]

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Chris Tourtellotte

@CTourtellotte

2 years

3) “Your new housing project is going to make the homeless situation significantly worse!” [We had ~ 30 Very Low Income affordable units as part of our project, which would be built on an empty surface parking lot]

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Chris Tourtellotte

@CTourtellotte

2 years

2) “My commute to work is currently 12 minutes. I ran some calculations, and your project will increase my commute time by exactly 42 minutes!” [Our traffic study concluded “no significant impacts”. Oh, and we were adjacent to a Metrolink station]

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Chris Tourtellotte

@CTourtellotte

2 years

7) “You are a greedy developer that just wants to charge the highest rents you can. You will drive up rents all over the city!” [Some people don’t understand: the market sets the rents. It’s supply and demand. More supply will lower the rents. Econ 101]

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Chris Tourtellotte

@CTourtellotte

2 years

10) “You are the devil.” [We were turning vacant retail into a mixed use project with one of the highest number of low income housing units in a single project in the submarket]

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Chris Tourtellotte

@CTourtellotte

2 years

8) “California has no more water, and thus, by constitutional law, all housing construction across the state must immediately stop.” [Imagine this as case precedent!]

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Chris Tourtellotte

@CTourtellotte

2 years

6) “Your environmental report may be clean but my friend is a scientist and he says your property sits on top of both Uranium and Plutonium.” [Of course this is absurd. We had to show the Planning Commission our Phase II. The objector screamed: “I want a Phase III, IV, and V!”]

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Chris Tourtellotte

@CTourtellotte

2 years

4) “Your project is near a church. Please tell me, how many times in a day and on what days do the church bells ring? Have you even counted? Have you?!!” [A church is one of the more unobtrusive neighbors in an urban infill deal. Plus, we use double pain windows].

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Chris Tourtellotte

@CTourtellotte

2 years

9) “I present to City Council, a petition to take the property from the developer and turn it into a park. With these 20 signatures, the City has no choice but to comply.” [We responded that the City could acquire our land at a market price if they wanted a park here]

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Chris Tourtellotte

@CTourtellotte

1 year

How did LaTerra grow from a “mom and pop” shop to one of the largest real estate development companies in the Southwestern US with $3B in development? 👇

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Chris Tourtellotte

@CTourtellotte

1 year

I co-founded one of the largest music festivals in the country (that was ultimately acquired by MTV) while working a full-time job in real estate finance. How? 👇

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Chris Tourtellotte

@CTourtellotte

11 days

Is it normal for your wife to literally jump off a cliff when the check comes?

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Chris Tourtellotte

@CTourtellotte

6 months

I once met an equity partner through an announcement I made over the speaker system on a Delta flight. I was flying to Reno from Los Angeles for the Eastdil ski trip. The turbulence was insane! I thought the wings would snap off. “Ladies and gentleman, we are going to abort

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Chris Tourtellotte

@CTourtellotte

1 year

@chernobelskiy We are gearing up to convert them to Multifamily and self storage now that the pricing works!

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Chris Tourtellotte

@CTourtellotte

1 year

@chernobelskiy Yup! Demand is measured by square foot per capita within a 1-5 mile ring. Anything less than 7 is good. Much of SoCal has a square foot per capita of < 7 (it’s one of the best storage markets in the US). Storage is often the highest and best use for development land today.

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Chris Tourtellotte

@CTourtellotte

2 years

LaTerra recently obtained city approvals for 862 apartments, 151,000 sq ft of office, and 9,000 sq ft of retail at the former Fry’s Electronics site in Burbank! The project is LEED Gold, adjacent to the metrolink station, and walkable to employment. @cayimby @AbundantHousing

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Chris Tourtellotte

@CTourtellotte

2 years

Here’s how to use California’s most powerful piece of housing legislation to get your project approved:

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Chris Tourtellotte

@CTourtellotte

5 months

Here’s how to do a $60M deal if you only have $250k: Use a co-GP A co-GP can fund up to 90% of GP equity $60M project $35M loan $25M equity -$22.5M LP equity -$2.5M GP equity ($250k from you) co-GPs can also sign lender guaranties How to structure the co GP deal 👇

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Chris Tourtellotte

@CTourtellotte

1 year

@ArtemTepler Totally agree! Our first apartment development was 228 units. We’ve also done 50 unit jobs. Same amount of work. We now have a 573 unit job under construction and will soon break ground on this 862 unit project:

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Chris Tourtellotte

@CTourtellotte

1 year

5 years ago we acquired a strip mall in Los Feliz LA and slightly outbid the strip mall buyers as we knew the underlying zoning allowed for high density residential. Today, we have 246 units connected to Barnsdall Park (and a UNESCO World Heritage site). Check out the views!☀️

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Chris Tourtellotte

@CTourtellotte

1 year

LaTerra’s 246 unit Los Feliz project, The Louise, is now leasing! The Louise is walkable to 15,000 medical jobs, adjacent to Barnsdall Park, and walking distance to dining, coffee shops, and bars. Los Feliz is significantly under supplied in Class A apartment stock.

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Chris Tourtellotte

@CTourtellotte

7 months

Rendering vs. Reality The Louise in Los Feliz How’d we do?

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Chris Tourtellotte

@CTourtellotte

4 months

In the simplest way possible, how would you answer this question: Why are single family home values up 5.5% in 2023, but apartment values are down 20-30%?

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Chris Tourtellotte

@CTourtellotte

4 months

People hate developers. You want lower rents? Build more housing. Rents are set by the market. Econ 101. Supply and demand. These are the exact type of comments we get at public hearings when presenting housing projects:

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Chris Tourtellotte

@CTourtellotte

1 month

Approved! 210 much needed apartment units coming to Marina Del Rey. This marks our 33rd entitlement approval!

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Chris Tourtellotte

@CTourtellotte

4 months

Apple just broke ground on a 530,000 square foot office and production campus in Culver City, LA. Through Apple TV+, Apple Music, and other ventures, Apple expects to grow its L.A. office to more than 3,000 employees by the year 2026.

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Chris Tourtellotte

@CTourtellotte

2 years

@realEstateTrent It’s true! That’s why we acquired the Fry’s Electronics site in Burbank and just entitled it for 862 apartments, 151,000 sf of office, and 9,000 sf of retail. We’re going to build it!

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Chris Tourtellotte

@CTourtellotte

3 months

Huge news! Yesterday, an initiative was launched to remove Multifamily properties from the “mansion tax” in the City of Santa Monica. The measure is aimed at stimulating much needed housing production. Spread the word, and City of LA should be next!

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Chris Tourtellotte

@CTourtellotte

4 months

And here are the views from inside the units at our 573 unit project in Burbank 😍

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Chris Tourtellotte

@CTourtellotte

3 months

@realEstateTrent Austin is second in the nation for units under construction as a percentage of the existing stock (14.2%):

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Chris Tourtellotte

@CTourtellotte

3 months

We’re aiming to create the best roof deck in the country. It’s 1-acre in size and sits 75’ in the air. We’ll also have green screen rooms, podcast rooms, and content labs! LaTerra’s 573 units in Burbank opens in 4Q24. First roof deck rendering - hot off the press!

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Chris Tourtellotte

@CTourtellotte

2 months

We’ve been doing two tone kitchens in almost all of our multifamily projects. Who likes these?

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Chris Tourtellotte

@CTourtellotte

5 months

We’re aiming to build the best rooftop deck in the country It’s 40k Sq Ft and sits 75’ high on the parking garage It contains 4 bodies of water (2 pools, 2 spas, & a wading pool) Plus 2 club rooms, 2 indoor / outdoor fitness centers, game rooms, media rooms and much more

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Chris Tourtellotte

@CTourtellotte

2 years

Here is our most in demand unit finish package. Two-tone cabinets, exposed wood shelving, and wine fridge. It crushes it!

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Chris Tourtellotte

@CTourtellotte

1 year

New supply should be measured as a % of existing stock. L.A. has 10.7k units coming online in 2023, but it’s <1% of the existing inventory (the lowest of all major metros). In-migration matters, too (which is why we love Dallas). Rents in metros on the left will 📉 more in 2023.

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Chris Tourtellotte

@CTourtellotte

6 months

We had 6 construction loan maturities in 2023 totaling ~ $225M. It was a difficult year for refinancings. It stressed me out. Challenges can seem daunting when viewed in the aggregate. Break it down, and tackle each challenge one at a time. We closed all our Refis!

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Chris Tourtellotte

@CTourtellotte

2 years

California is poised to become the 4th largest economy in the world with a GDP only behind, US, China, and Japan.

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Chris Tourtellotte

@CTourtellotte

5 months

Capitalizing development deals is difficult in today's environment. But with an attractive land basis, a good story, a cost-efficient design, and an excellent submarket, it's doable. Our 862-unit development site in Burbank checks the boxes:

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Chris Tourtellotte

@CTourtellotte

3 months

Multifamily buyers are back in force. 6 months ago, a newly built multifamily asset got 3-4 qualified bids. Class A Multifamily assets today are getting 20+ bids. The large investment fund managers and pensions are back.

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Chris Tourtellotte

@CTourtellotte

2 years

Which comment is the most obsurd?? Please share your own stories here! 👇

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Chris Tourtellotte

@CTourtellotte

5 months

@realEstateTrent This is what we did on the last strip mall we bought 😀

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Chris Tourtellotte

@CTourtellotte

3 months

@sweatystartup I always found it odd that people fear low probability events such as shark attacks, but have no concerns about high risk events like driving.

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Chris Tourtellotte

@CTourtellotte

1 year

Never skimp out on the last ~$1M for interior design, branding, and FF&E That last $1M can get you 10% higher rents. The ROI is absurd. Check out the lobby at LaTerra’s 246 unit project ‘The Louise’ in Los Feliz.

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Chris Tourtellotte

@CTourtellotte

7 months

Still on cloud nine after our groundbreaking event in Albuquerque for our 344-unit build-to-rent project. We had mariachi, taco trucks, notable public officials in attendance, and CAT 940s moving dirt! 👷‍♂️ Gotta celebrate the wins!

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Chris Tourtellotte

@CTourtellotte

4 months

We’ve entitled over 30 projects. To mitigate risk, we almost always Option the land. Submit your offer with a customary DD period, put up hard money (~3% of the purchase price), and close upon obtaining approvals. Reduce your carry costs and at-risk dollars.

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Chris Tourtellotte

@CTourtellotte

4 months

Curtain drop at The Charlie West Hollywood! 😍

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Chris Tourtellotte

@CTourtellotte

6 months

Just finished interviewing a candidate. He showed up in a suit and tie. My first reaction was that he’s polished, professional, and respectful. You can never be overdressed for a job interview.

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Chris Tourtellotte

@CTourtellotte

4 months

@realEstateTrent If you memorize just 19 fractions (1/2, 1/3… 1/20th), it’s amazing how much math you can do in your head! 1/14th is .071428 At my first job, my boss said “what’s the cap rate w/ $10M in NOI on $140M price?” I replied “7.1428%” Grabs his HP12C to check.. “you’re a genius!”

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Chris Tourtellotte

@CTourtellotte

1 year

We acquired a 42 unit property on Sunset Blvd & La Cienega. Using a new CA law, AB68, we added 6 ADUs in a by right process (no entitlements - we went right to plan check) getting to 48 units. Concurrently, we renovated common areas and units and increased rents to market.

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Chris Tourtellotte

@CTourtellotte

15 days

Now is the time to break ground on new multifamily projects. Deliver into 2026+ amongst virtually no new supply and likely strong rent growth.

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Chris Tourtellotte

@CTourtellotte

5 months

Model hack! You can divide NOI excluding property taxes by the (Cap Rate + Mill Rate) to get to the next buyers exact purchase price at their reassessed taxes. 🤯

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Chris Tourtellotte

@CTourtellotte

2 months

Just closed a $20.5M construction loan to reposition the former 156k sq ft Fry’s Electronics store in Sacramento into industrial! Phase II includes a new 110k sq ft industrial building.

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Chris Tourtellotte

@CTourtellotte

2 years

Per the Housing Accountability Act (“HAA”) cities MUST approve your housing project if it complies w/ all objective zoning standards. @NimbyPatrol @cayimby @yimbyaction @YIMBYLAND @layimby @yimbytweets @SFyimby @yimbyalliance @Yimby_Law Here’s how to use HAA:

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Chris Tourtellotte

@CTourtellotte

25 days

Rendering reveal! Stoked to bring 210 units to Marina Del Rey!

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Chris Tourtellotte

@CTourtellotte

6 months

I’m at IMN in Laguna Many large institutional fund managers told me they’re sitting on huge piles of cash looking to buy distressed assets (but not office) Others have massive credit funds to deploy (but not into hotels) I bet capital is much > deal flow for both strategies

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Chris Tourtellotte

@CTourtellotte

3 months

Just spoke at LMU. The students all want to be developers. They say it looks fun and exciting. Should I tell them?

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Chris Tourtellotte

@CTourtellotte

5 months

During the first concert I ever promoted, one of the leading acts threatened to kill me. The well-known rapper arrived over an hour late to his set, and I told him he couldn’t perform and we weren’t paying him. He stomped around furiously, red in the face and threatened me.

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Chris Tourtellotte

@CTourtellotte

1 year

LaTerra is getting ready to drop lumber at our 228 unit workforce housing project in Perris, CA. The Inland Empire is vastly short of workforce housing needed to support the 600M Sq Ft of warehouse / logistics space sitting at a near 1% vacancy rate.

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Chris Tourtellotte

@CTourtellotte

6 months

The US Supreme Court just agreed to hear a case about homeless encampments in California. This has major implications to California and the West Coast👇

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Chris Tourtellotte

@CTourtellotte

7 months

@Camp4 I keep getting modular quotes for residential development deals thinking “this time it’s going to be less expensive,” but nope. It’s quite a bit more expensive than traditional ground-up. Yeah it’s slightly faster, but it’s marginal in that department. No incentive to use it.

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Chris Tourtellotte

@CTourtellotte

2 months

@realEstateTrent I miss laying in bed in the Marina and hearing the fog horns of passing ships. And being a 15 minute Uber ride of basically anywhere in the city. And seeing live music almost every week. SF has already commenced its recovery, and it will be back! LongSF.

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Chris Tourtellotte

@CTourtellotte

5 months

Finally! The amount of work that goes into clearing all inspections and getting a C of O cannot be overstated.

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Chris Tourtellotte

@CTourtellotte

3 months

Century City Los Angeles is the best office market in the country JMB Realty secured a $575M construction loan for a 730k sq ft office tower (1950 Ave of the Stars) The building is already pre-leased to talent agency CAA, Clearlake Capital, and law firm Sidley Austin ~$9 rents

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Chris Tourtellotte

@CTourtellotte

8 months

We just closed over $40M in equity for a ~$100M development. It’s the largest Opportunity Zone development in the state of New Mexico. Here’s how we did it 👇

JV Starting Work on OZ BTR Investment in Albuquerque - Connect CRE

LaTerra Development has joined forces with experienced Opportunity Zone investor Revitate to break ground on Bedrock, a new Build-to-Rent community in Albuquerque. Revitate has led or co-led over 15...

www.connectcre.com

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Chris Tourtellotte

@CTourtellotte

2 months

LA’s Mansion Tax is having unintended consequences as it significantly slows market rate and affordable rental housing production. Watch me unpack it below. But good news - a November 2024 ballot measure (the Tax Payer Protection Act) would undo the mansion tax.

California Insider Show

@CA_Insider

2 months

. @CTourtellotte , Managing Director of LaTerra, unpacks the broader impact of the 'mansion tax,' revealing its reach beyond wealthy property owners. Through a hypothetical scenario, he shows how it could diminish investor profits, raising concerns about its effect on real estate

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Chris Tourtellotte

@CTourtellotte

1 month

Just hit 100% leased on the market rate units at The Charlie Mar Vista. Leasing activity has picked up in LA!

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Chris Tourtellotte

@CTourtellotte

2 years

Rendering vs Reality. LaTerra’s 246 unit project in Los Feliz is looking good!

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Chris Tourtellotte

@CTourtellotte

5 months

It costs ~$1M to add a rooftop pool to a wood frame building. Most of the incremental cost is due to the need for structural steel. Pretty much no developer spends the dough for a rooftop pool on a wood building. Is it worth it? We think it is! 📸 The Charlie Mar Vista

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Chris Tourtellotte

@CTourtellotte

2 years

@galacticbarrier @GordonJohnson19 Yup! The BLS estimates shelter costs by surveying renters on the cost of their current rent. But most leases are 12 months, reflecting rent when leases were signed, not today's rents. Effective rents on new leases today are definitely dropping.

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Chris Tourtellotte

@CTourtellotte

2 years

We are now 100% leased on our multifamily development in La Mirada. We’ve never achieved this milestone before. Has anyone else achieved this level of occupancy on their deals? 100% leased hits different.

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Chris Tourtellotte

@CTourtellotte

4 months

From dinner with a Saudi Prince, to raising Chinese capital, to convincing multiple Persian family members to sell us their iconic site: Understanding and researching different cultures is critical. Here’s three examples that helped propel LaTerra’s trajectory: 1) Not wanting

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Chris Tourtellotte

@CTourtellotte

1 year

“LA real estate investment firm with $3 billion under development is headed to Dallas”! Thanks Dallas Business Journal for the great piece on LaTerra, our expansion to Dallas, and our three Fry’s Electronics redevelopments!

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Chris Tourtellotte

@CTourtellotte

7 months

Rendering vs. Reality The Charlie Mar Vista (Phase I) Loving the ocean 🌊 blue

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Chris Tourtellotte

@CTourtellotte

4 months

Many institutional LP equity groups underwrite apartment rent growth today of roughly: -5%, 2%, 6%, 7%, 3%…. Which averages ~3% Average rent growth over the last 30 years for most major markets is ~3%. Should folks always just use 3%? What are you underwriting today?

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Chris Tourtellotte

@CTourtellotte

2 months

LaTerra is excited to bring 573 units to the “Media Capital of the World.” We’ll help improve Burbank’s jobs-to-housing ratio (currently the highest in the U.S. at 3.5 jobs for every housing unit) Burbank is home to more than 1,200 media companies.

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Chris Tourtellotte

@CTourtellotte

2 years

No better feeling than seeing your creation come to life. LaTerra’s 573 apartment unit + 307 room hotel project is going vertical in Burbank!

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Chris Tourtellotte

@CTourtellotte

4 months

Developers- Always negotiate the following items in your Force Majeure provisions: 1) Unkown subsurface conditions Soil contamination, underground storage tanks, Indian bones - who knows?! 2) Changes due to City Inspector comments These folks are unpredictable!

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Chris Tourtellotte

@CTourtellotte

2 years

At one of our hearings, the City Attorney stood up and explained the HAA to Planning Commission live. “Uh, so I have to approve this project?” one of the commissioners asked. “Well, yes,” replied the City Attorney. Our project was unanimously approved.

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Chris Tourtellotte

@CTourtellotte

1 year

Building 2 of LaTerra’s 129 unit Mar Vista project is now leasing! Leasing activity in LA is up meaningfully since the turn of the year.

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Chris Tourtellotte

@CTourtellotte

1 month

“On a year-over-year basis, Los Angeles experienced the largest increase in population…” Newmark Q12024 Self Storage Report

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Chris Tourtellotte

@CTourtellotte

7 months

Rendering vs. Reality The Charlie Echo Park If you can’t tell which is real, follow the LA sunset feels🔥

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Chris Tourtellotte

@CTourtellotte

5 months

Who else likes the smell of fresh lumber in the morning? 🙋🏻‍♂️ Our 228 unit workforce housing project in the Inland Empire is nearly done framing!

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Chris Tourtellotte

@CTourtellotte

8 months

Absolutely gutted. He was an incredible person with a huge heart. It’s a really difficult time for people in commercial real estate. Many are under an unthinkable amount of stress. Please reach out to anyone you think may be in a tough place.

Moses Kagan

@moseskagan

8 months

Am writing w incredibly sad news: Our friend @ArtemTepler is no longer w us. Will post a link to GoFundMe below to help his partner & young daughter. Hope you will join me in giving what you can. Pls like, RTs, etc. for distribution, so we can raise as much $ as possible.

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Chris Tourtellotte

@CTourtellotte

2 years

@leadlagreport Dinosaurs 🦖 were transitory

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Chris Tourtellotte

@CTourtellotte

2 years

Who wants a shower at LaTerra’s 99 unit Santa Monica project?

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Chris Tourtellotte

@CTourtellotte

2 years

The Taxpayer Protection Act is one of the most important pieces of tax legislation in CA history. It could reverse ULA (LA transfer tax), Measure Y & DD (OAK & SF Parcel Tax), and Prop M (SF Vacancy Tax) Guess what? It likely has enough signatures already. Here's the scoop 👇

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Chris Tourtellotte

@CTourtellotte

2 years

@cafedujord I’d love to hear if you have similar stories too! I’m sure you have many 😀

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Chris Tourtellotte

@CTourtellotte

4 months

We learned this the hard way. Then hired construction managers to sit on the job sites. Then realized we were doing a lot of the General Contractor’s job, at our cost and without GC Fees. Then we launched a General Contractor affiliate company.

Real Estate Ranger

@EstateRanger

1 year

Learn construction if you want to get into real estate. Being able to properly manage a building takes a lot of construction knowledge. Being able to acquire a good property also takes a lot of construction knowledge.

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Chris Tourtellotte

@CTourtellotte

6 months

@pitdesi @rsg I’m surprised they didn’t kiss their phones at midnight!

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Chris Tourtellotte

@CTourtellotte

5 months

We’ve closed two Programatic Ventures totaling $550M. What is a Programatic Venture (and are they better than Funds)? How you can you close a Programatic Venture? Here’s how 👇

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Chris Tourtellotte

@CTourtellotte

1 year

Goldman 2023 and 2024 home price change forecast for each major metro:

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Chris Tourtellotte

@CTourtellotte

1 year

Lessons learned: 1. Fake it 'till you make it (then prove you can execute!) 2. Track down leaders & ask if you can help them 3. Use bold networking tactics 4. Transfer knowledge from one area to another 5. Pursue passion projects 6. Use the Top-Down approach (go big early!)

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Chris Tourtellotte

@CTourtellotte

4 months

Just found out my interview with @CA_Insider made it to @GavinNewsom ’s office. We discuss the so-called Mansion Tax in City of LA (and why I think it will be overturned), entitlement challenges, and regulatory concerns that are inhibiting critical housing supply in California.

California Insider Show

@CA_Insider

4 months

How has LA's Mansion Tax impacted housing? "You're gonna see housing supply drop," says @CTourtellotte , owner of LaTerra Development, "It was called the mansion tax. But this applies to all classes of real estate, including affordable housing."

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Chris Tourtellotte

@CTourtellotte

5 months

The most important term in deal structuring: Pari Passu Everyone should use this phrase. Pari Passu is Latin for "on equal footing," which means various parties have equal rank and rights of payment. For example, assume Investor A invests $6M and Investor B invests $4M.

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Chris Tourtellotte

@CTourtellotte

1 year

We built the largest rooftop deck of any wood frame building in all of Santa Monica! 😎

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Chris Tourtellotte

@CTourtellotte

3 months

One of the best skills in business: The ability to summarize complicated info in a simple way.

5

2

39