Neil Shekhter, a prominent landlord and the visionary behind WS Communities and NMS Properties, tragically passed away on Saturday, November 23, as announced by his family.
Tribute from Loved Ones
In their heartfelt tribute, Neil’s loved ones shared that he radiated love, humor, curiosity, and an unparalleled energy that left a mark on everyone he met.
Unfortunately, they did not provide further information surrounding the circumstances of his passing, leaving the cause of death unknown.
A spokesperson from the Los Angeles County Medical Examiner’s office confirmed they have no official record of his demise.
Journey to Success
Originally from the former Soviet Union, Shekhter immigrated to the United States as a teenager and carved out an incredible journey.
Starting as a taxi driver, he eventually grew to lead successful firms managing around 2,400 apartments throughout Los Angeles County.
His early life was marked by a quest for safety, having escaped antisemitism in modern-day Ukraine.
His interest in real estate sparked when he worked in a store run by two Holocaust survivors.
Through their stories about owning an apartment building and the revenue it generated, Neil discovered a new path for his ambitions.
Legacy in Real Estate
In 1988, he founded NMS Properties with a focus on acquiring and revitalizing underperforming multifamily units.
Years later, in 2017, his three sons—Alan, Alexander, and Adam—established WS Communities as a related entity.
At the pinnacle of his career, Shekhter owned prime real estate in Santa Monica, with plots fetching over $18 million per acre from investment firm Tishman Speyer.
However, his financial landscape shifted earlier this year when WS Communities surrendered more than half of its holdings to lenders, indicating challenges in his business ventures.
Shekhter’s legacy in the real estate industry remains significant, marked by his remarkable transformations from humble beginnings to being a key player in Los Angeles’s property scene.
His story serves as a testament to resilience and the search for opportunity amidst adversity.
Source: Therealdeal.com