SANTA MONICA—Santa Monica’s largest apartment developer, NMS Properties, has announced their split into two companies.
According to a spokesperson for the two companies, NMS Properties will be handing over the operation and managing control of all impending public and affordable housing developments to the new company called, WNMS Communities, Inc. Former Executive Vice President of NMS, Scott Walter, will be the CEO of the new company. For the time being, NMS is continuing to manage their buildings.
In a press release to Santa Monica Daily Press, Walter stated, “It will be a core part of WNMS Communities’ business to ensure that everyone can live in Santa Monica and the Westside.”
Some members of the Santa Monica City Council are skeptical about NMS’s announcement. They have previously assured a better review of NMS’s CEO, Shekhter’s business relations, after he was found submitting forged contracts to court in an unconnected civil suit. Due to the civil suit, the nine buildings involved were given ownership to AEW Capital Management, who sold all the properties last year.
“I am excited to found WNMS Communities, Inc. which will build new affordable and market-rate communities with a strong focus on Santa Monica and West Los Angeles. It will be a core part of WNMS Communities’ business to ensure that everyone can live in Santa Monica and the Westside,” stated Scott Walter, CEO of WNMS Communities. “I look forward to working with City and community stakeholders to produce much needed high-quality market rate and affordable residential and mixed use housing projects.”
The projects being handed over to WNMS include eight big impending projects in the city, with a total of 576 apartments. Three of the projects are on Lincoln Boulevard. In addition, a five-story NMS building located at 1560 Lincoln Blvd, has been approved and will create around 100 apartments.
