Fortune International and KAR Properties have sold 45% of the units at Faena Residences, including a $30 million penthouse.

Approving Prop 1 could address the gap between what it costs to build homes and what affordable rents can support — but more must be done to improve the timeline process in the state.

With few players active, cash-rich, patient investors face less competition.

Sub-investment-grade tenants, tertiary markets and gritty buildings drive the returns in his strategy.