'Looking to Buy'
Hakim, who says he owns "a handful" of buildings in Los Angeles, isn't deterred. He's now looking at two adjacent buildings with a combined 33 units in the Brentwood area of West Los Angeles. The seller wants $10 million, and the property is likely to need $20 million to $30 million in renovations and upgrades, Hakim said. He is considering forming a joint venture with the current owner to share the costs.
"If somebody is selling at the beach, I'm looking to buy," said Hakim, who ran unsuccessfully for a seat on the Beverly Hills City Council two years ago. "The Westside is very competitive. There's a lot of commerce, it's a lovely atmosphere and everybody likes to go to the beach."