He Buys LA Apartments With Million-Dollar Checks, No Contingencies (Here’s How)

No Vacancy Podcast: Richard Mehta (Xenon Investments) on Building a 3,300 Unit Empire in Los Angeles Taylor Avakian sits down with Richard Mehta, co-founder of Xenon Investments. Richard has built one of the most impressive multifamily portfolios in LA with roughly 3,300 apartment units, mostly on the Westside, Mid-Wilshire, Koreatown, and parts of the San Fernando Valley. In this episode, he opens up about his journey from losing money in the early 90s crash to becoming one of LA's most active buyers. He shares how he thinks about deals, why he trusts gut instinct over complicated models, his love for strong locations, and how he's navigated rent control, the mansion tax, and today's tough market. Timestamps: 00:00 - Welcome and Introduction 01:07 - Xenon Investments Portfolio Overview (3,300 units) 02:26 - Richard Mehta Origin Story and Early Days 04:05 - Family Background and Lessons from the 90s Crash 05:35 - Cash Flow Philosophy and Investment Criteria 07:19 - Gross Rent Multiplier vs Cap Rates 08:13 - Why Location Matters Most in LA 09:07 - Scaling From 1,000 to 3,300 Units 11:00 - Current Market Challenges in Southern California 12:33 - Westside Habitats and Building the Brand 12:58 - Richard's Superpower: Being Decisive 13:52 - First Big Home Run Deal - 747 Gayley Avenue 18:07 - Buying with Intuition Over Spreadsheets 19:22 - Working with Family and Running the Company 21:43 - Leverage, Refinancing, and Portfolio Strategy 23:00 - Early Deals and Non-Contingent Offers 26:47 - How Richard Approaches Negotiation 30:39 - Raising Money Experiences 33:41 - The 3-Year Cash Out Refi Strategy 38:13 - How the Name Xenon Came From a Nightclub 42:03 - Worst Deals and Lessons from 2021-2022 45:55 - Selling Strategy and the Mansion Tax 49:54 - Who Richard Goes to for Advice 53:17 - Future Plans for Xenon and LA Multifamily 55:08 - Reputation, Integrity, and Legacy 58:08 - Most Interesting Deal: The Bel Air House RTC Story 01:02:56 - Advice for Young Investors Guest: Richard Mehta - Co-Founder, Xenon Investments Host: Taylor Avakian Sponsor - Loan Titan Upscale your experience with https://loantitan.com/ Sponsor - AI for CRE Collective AI for CRE Community: https://www.skool.com/ai-for-cre-coll... Real estate investing, multifamily apartments, Los Angeles real estate, Westside LA, apartment investing, rent control, commercial real estate, value add multifamily Subscribe and Stay Ahead! Stay informed and empowered in the multifamily real estate market. Subscribe to the channel for exclusive insights, rental updates, and expert analyses on the Los Angeles market. 🔔 Don’t miss out on the latest trends and tips to maximize your property's potential:    / tayloravakian   📈 Connect with me: Website: https://www.thegroupcre.com/ Email: [email protected] X: https://x.com/TAYVAY_ LinkedIn:   / tayloravakian   #realestate #podcast #commercialrealestate