Companies buy Altadena’s ownerships affected by the Eaton Fire, which means that the locals are ‘very worried’

At least half of the houses that are sold in Altadena, California, was bought by companies after the Eaton Fire, so that alarms are collected from residents about a growing trend of land consolidation.

An investigation into recent archives and deed requests in Altadena reveal That business buyers make up around 23% of the sale of single -family homes, with 42% of those purchases linked to only six companies, each owning four or more property, Expand Reports. A handful of repeated buyers acquiring fire damaged or distracted properties that are ever owned by multGeUsenerational families in the historically diverse community, which has welcomed an important black population since the great migration.

The locals are “very worried – but in the same way we feel about the rest of the world: involved, but don’t know how to solve it,” said Tim Vordtriede, resident of Altadena.

Among the company buyers, Black Lion Properties, LLC, is confirmed that they are managed by record-breaking Powerball winner Edwin Castro through his brother, Jesse H. Castro. The company has spent almost $ 9 million on acquiring at least a dozen property damaged by fire. Although the first purchase in December 2024 was in South Pasadena, most acquisitions are aimed at Altadena in the aftermath of the Eaton Fire.

“Many people who have been affected by the fires in Altadena cannot or do not want to rebuild and strive to continue and start elsewhere,” said a spokesperson for Black Lion in a statement. “These purchases help some of them while keeping the property of the property locally.”

Other company buyers are LA-based Ocean Development Inc., who has acquired at least 16 parties after fire; NP Altadena I, LLC, linked to the new Pointe Communities Inc. van San Diego, with 12 lots; Iron rings Altadena, LLC, formed in March, with four parties; and Bloom Capital Investments and Sheng Feng Global Inc., each connected to six plot purchases.

Vordtriede, co-founder of the Altadena Collective, a Grassroots group aimed at reconstruction led by the community, is concerned that company buyers, such as Black Lion, can collect the plots-damaged plots and can reform the character of the neighborhood before displaced residents have a chance to return. Although he knows how vulnerable many survivors are in the aftermath of trying to rebuild, he encourages homeowners to consider selling to another family or individual instead of a business entity.

“It’s not about” Hey, you can’t sell your fate. ” It’s about being attentive if you sell your lot, “said Vordtriede. [one of these companies] Trying to buy your property, perhaps work with your agent to see if someone else can match that price, someone who is a person, family, trust or partnership. “

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