Property Management

Barbara J. Patison has been named to the newly created position of controller for Century American's properties division. She will handle all property management and partnership accounting for the Laguna Hills residential developer. Before joining Century three years ago, she was an assistant controller for Westpac Reit.

Harbor College Extension will present a one-day property management seminar from 8:30 a.m. to 4:30 p.m. May 2 at Marymount College, 30800 Palos Verdes Drive East, Rancho Palos Verdes. The fee is $59. To register, call (310) 518-3510. The course number is 351.

QUESTION: I have an opportunity to buy a second mortgage at a discount that will yield me a return on my money of about 22%. But I am wondering if there is any tax shelter in discounted mortgages for investors. ANSWER: I regret to report your high yield is entirely taxable. There is no tax shelter, just high income, from investing in discounted mortgages. Reading About Realty Investment Q: Can you recommend a good book on real estate investments?

Santa Monica-based real estate marketing company Kennedy-Wilson Inc. has completed its acquisition of major property management firm Heitman Properties Ltd. from Chicago real estate investment giant Heitman Financial Ltd. The merging of the Beverly Hills-based Heitman Properties operation into Kennedy-Wilson's smaller property management group creates Kennedy-Wilson Properties Ltd.

Bucking the trend toward consolidation in the commercial real estate services business, four veteran brokers and property managers have formed a Newport Beach-based company called Tiarna Real Estate Services Inc. "We want to be a regional firm," said Thomas McAndrews, president of the company and former president of real estate management services at Charles Dunn Co.

After pumping $2.7 billion into the United States over the past several years, Shigeru Kobayashi owns a large chunk of downtown Los Angeles and a string of landmark American office buildings. He hobnobs with presidents, dabbles in philanthropy and celebrates his achievements in a high-profile publicity campaign. But he has an image problem at home. Kobayashi, 62, founder and president of the real estate giant Shuwa Corp.