There are much, much bigger Los Angeles apartment investors than Gene Bramson. But Bramson has carved out a comfortable niche: vintage apartments that command premium rental rates, mostly near Hancock Park.

His GLB Properties owns a portfolio of 19 buildings typical of the prewar era, many in distinct architectural styles, with touches such as wrought iron, exposed wood beams and generous use of colorful tile.

The charm of such buildings is often obscured by decades of neglect, dirt and bad renovations. But competitors and business associates say that Bramson’s ability to envision the true value of his properties and remodel them accordingly is what sets him apart.

“He buys buildings with bones better than anyone,” said David Eitches, a Charles Dunn Co. broker who specializes in multifamily investment sales. “He sees potential beneath the ugly carpets. He looks at the original tile that you and I would think is disgusting and he sees potential in it. I’ve seen him scrape his finger on a fireplace to see how many layers of paint he’d have to remove to get to the original color.”

Perhaps that’s not surprising, given Bramson also has a graphic design and architectural design business. And he’s not afraid to spend substantial sums to achieve his vision, between $5,000 and $20,000 renovating unit interiors, not counting common areas or building exteriors.

It all shows up in the rental rates. GLB’s one-bedroom units run for as much as $2,450 per month, two-bedroom units as high as $3,500 and three-bedroom units just under $4,000. While Bramson said his rents are down by 10 percent from a peak of about a year ago, his prices are still well above the $1,500 average in Los Angeles County, according to brokerage Hendricks & Partners.

Bramson said that the quality of his buildings allows him to mostly avoid discounting. “I have a different product,” said Bramson, 58. “I call it a gourmet meal. It offers a beautiful lifestyle and a value for the dollar.”

GLB’s 19 buildings have a total of 130 units, the smallest with three and largest with 19. They are in South Carthay, Miracle Mile, Hancock Park, Los Feliz, Melrose Avenue and Beverly Hills-adjacent neighborhoods.

Typical is Casitas del Sycamore, an eight-unit building at the corner of Sycamore Avenue and Oakwood Avenue. Constructed in 1926, the building is lushly landscaped with birds of paradise and palm trees. Units feature hardwood floors, brightly colored tiled bathrooms and kitchens. Some apartments have small private patios. The apartments are called “casitas” Spanish for “small house” and a hand-painted mural above each entrance doorway announces the fact.

Putting down roots

Bramson grew up in L.A. and moved around town often as a youngster, which he said has a lot to do with his decision to enter the real estate business.

“I grew up in crummy 1950s and 1960s apartment buildings around town and hated it,” he said. “I needed to have something that was mine that nobody could take away.”

After graduating from Hamilton High School, Bramson got an associate degree from Los Angeles City College in 1970 and studied at Art Center College of Design. After graduating in 1974, Bramson initially focused on his design business. Over the years, Bramson + Associates has consulted with multiple developers, designed the current Lawry’s The Prime Rib restaurant on La Cienega Boulevard and the Holmby Hills estate of Candy and Aaron Spelling, which is up for sale and currently has the highest asking price of any residence in Los Angeles at $150 million.

Bramson continues to do outside design work. Bill Silverman and Jeff Scapa, Hollywood area apartment investors, have hired Bramson to renovate about 15 buildings.

“He’s helped us take ours to a much higher level,” Silverman said. “I don’t think anybody does it as well as him. He has a fine eye for detail, the historical end of it. It’s not just about getting more rental money. It’s about creating an environment of Old World living.”

Bramson’s need for an office to house his design business resulted in his first commercial real estate purchase: a 10,000-square-foot office building at Beverly Boulevard and Martel Avenue where he runs both GLB and his design business.

He bought the building in 1980 and four years later, added his first multifamily property, a six-unit 1920s apartment on Martel. He paid for the $345,000 building by borrowing against the office building.

Over the next several years, Bramson added several more buildings. Business waned in the recession of the early 1990s, but by 2000 Bramson had over a dozen properties in his portfolio and began making real estate more of a focus.

“I bought what I thought made sense for our company’s growth and I bought from the heart,” he said.

‘Small peanuts’

Bramson’s most recent purchase was also his biggest. In January 2008, he paid nearly $5 million for the 19-unit Chateau Rossmore, a 1934 French Art Deco building designed by architect Milton J. Black. He is still in process of renovating the building, which has one vacant unit, and he has spent more than $250,000 so far.

Bramson would like to add other large buildings to his portfolio, but noted he’s “small peanuts” compared to others in the business.

One competitor, David Goldstein, whose company, Art Deco Apartments, specializes in buildings that are similar to Bramson’s apartment stock, is much bigger. Goldstein, whose “for lease” signs dot tony streets such as Sycamore Avenue near Hancock Park, said he owns about 600 units and does business very differently from Bramson.

“Gene is an architect I have no training at all,” said Goldstein, adding that he’s willing to lower rents by “$500 or $600” if necessary. “It all goes by my hip. Here’s the difference: I have two vacancies coming up Aug. 1. Gene has 15 available right now. Does that tell you anything?”

GLB’s portfolio is about 10 percent vacant and Bramson acknowledged that the recession has hurt business.

“I have two renters who have literally told me in the last three months they are moving to the sofa of a friend,” he said.

And if the economy stagnates for a protracted period, Bramson’s high renovation costs could begin to make less business sense. But for now, he’s pleased with business and believes his keen eye will lead to that next heady purchase.

“It’s such a natural thing,” Bramson said. “I can see the potential in these places that most people cannot.”

GLB Properties

Founded: 1980

Core Business: Ownership and management of vintage, upscale apartments in Los Angeles area.

Employees: 15 (12 in 2008)

Goal: To acquire additional historic buildings when they become available

The Numbers: Value of 19-property portfolio is about $50 million