N
eil Shekhter, a prominent Los Angeles landlord and founder of WS Communities and NMS Properties, passed away on November 23, according to his family's statement. The family remembered him as a loving, humorous, curious, and energetic person who filled their lives with joy. Despite the cause of death being unknown, Shekhter's remarkable life story is well-documented. Born in the former Soviet Union, he emigrated to the US as a teenager, fleeing antisemitism in what is now Ukraine. He began his career as a taxi driver but eventually rose to become a successful real estate mogul with a portfolio of 2,400 apartments across Los Angeles County.

    Shekhter's interest in real estate was sparked while working at a store owned by two Holocaust survivors, who shared their experience of owning an apartment building that generated a steady income. This conversation inspired him to pursue a career in real estate. In 1988, he founded NMS Properties, focusing on acquiring and improving underperforming multifamily assets. His sons, Alan, Alexander, and Adam Shekhter, followed in his footsteps by founding WS Communities in 2017.

    At the height of his success, Shekhter's portfolio included a prime piece of land in Santa Monica that sold for over $18 million an acre to investment firm Tishman Speyer. However, his financial fortunes took a turn recently, with WS Communities surrendering control of more than half its portfolio to lenders earlier this year.