B
ryan Gortikov is poised to become the leading figure in affordable housing in Santa Monica, following his company's acquisition of a 399-unit income-restricted multifamily portfolio from Neil Shekhter's WS Communities for $120 million. The Samo Collection, comprising 11 buildings near Santa Monica Boulevard, was purchased at approximately $300,750 per unit. This deal marks another significant loss for Shekhter, who has seen his firm's holdings dwindle by over half in recent years due to foreclosure concerns.

    Gortikov Capital plans to renovate common areas and upgrade some units, while also aiming to reduce costs through more efficient management. The apartments range from studios to three-bedrooms. Gortikov expressed enthusiasm for the acquisition, citing a rare opportunity to invest in Santa Monica, where his firm is headquartered. No brokers were involved in the deal, and it's unclear how the company financed the purchase.

    The acquisition highlights developers' growing interest in Santa Monica, with several recent projects underway or proposed. Holland Partner Group has pitched a 370-unit project on a site near Bergamot Station, while Coast Meridian plans to build 69 units at Lincoln Boulevard. Madison Realty also unveiled a highrise with 172 units at 6th Street, acquired from WS Communities' predecessor.