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Inland Empire Q4 Multifamily Market Report: Tight operating conditions and ongoing demand fueling new development

Highlights:

  • Operating conditions cooled during the fourth quarter with rents declining and vacancy inching higher. After a slowdown in apartment deliveries in 2021, developers were more active in 2022 with the completion of roughly 2,370 units for the year. New construction will accelerate again in 2023.
  • Local vacancy ticked higher before the end of 2022, rising 10 basis points during the fourth quarter to 3 percent. Despite the minimal increase at the end of the year, the rate still declined 10 basis points in 2022, the second consecutive year where conditions tightened.
  • Rent trends were also mixed in 2022. For the full year, asking rents rose 5.1 percent to $1,818 per month. During the fourth quarter, however, rents dipped nearly 2 percent, offsetting some of the year’s earlier gains.
  • The multifamily investment market slowed in the final few months of the year even as pricing remained well above the 2021 figure. The median sales price in 2022 was $334,500 per unit, up 26 percent from the median price in 2021. Cap rates averaged around 3.75 percent during the fourth quarter.

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Orange County Q4 Multifamily Market Report: Tight operating conditions supporting new development

Highlights:

  • Multifamily property fundamentals in Orange County softened slightly during the fourth quarter, but the overall outlook remains positive. Apartment developers are actively bringing new projects online and will ramp up deliveries in the coming quarters.
  • Local vacancy ticked higher in the final months of 2022 but remains below the long-term trend. Vacancy rose 10 basis points in the fourth quarter to 3.3 percent. For the full year, the rate dipped 10 basis points.
  • Local apartment rents trended lower in the fourth quarter, retreating by less than 1 percent to $2,490 per month. Despite the reduction in the fourth quarter, rents still advanced 7 percent in 2022.
  • The Orange County multifamily investment market picked up slightly at the close of the year, but total sales activity in 2022 was down significantly from prior year levels. The median sales price during the past 12 months was $369,100 per unit, down slightly from 2021. Cap rates are holding fairly steady with most properties selling with cap rates between 3.75 percent and 4.25 percent.

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Los Angeles Q3 Multifamily Market Insights: Vacancy tightens for fifth consecutive quarter

Highlights:

Greater Los Angeles market snapshot for Q3 2022
  • The Los Angeles multifamily market continued to post a healthy performance during the third quarter. Local vacancy tightened again in the last three months while asking rents throughout the county crept higher at a modest rate.
  • Local vacancy continued to inch lower in recent months, dipping 10 basis points during the third quarter to 3.5 percent. Year over year, vacancy is down 60 basis points. Vacancy has declined in each of the last five quarters.
  • Following steep increases, the pace of rent growth slowed in the last three months. Asking rents rose less than 1 percent during the third quarter to $2,358 per month. Year over year, rents are up nearly 12 percent.
  • While the pace of deals slowed in the third quarter, sales prices remain elevated. The median sales price to this point in the year is $330,800 per unit, up 14 percent from the median price in 2021. Cap rates inched higher in recent months, with most properties trading between 4 percent and 4.5 percent during the third quarter.

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Inland Empire Q3 Multifamily Market Insights: New development activity unable to keep pace with demand growth

Highlights:

Inland Empire Multifamily market report snapshot for Q3 2022
  • Property performance metrics in the Inland Empire remained strong during the third quarter, although the pace of rent growth cooled.
  • The vacancy rate ticked lower during the third quarter, dipping 10 basis points to 2.9 percent. Year over year, vacancy has improved by 30 basis points.
  • Asking rents inched higher in the third quarter, reaching $1,854 per month. Despite a minimal increase in the last three months, current rents are up 8.1 percent from one year ago.
  • The local investment market strengthened during the third quarter as the pace of deals accelerated, and per-unit pricing remains well above last year’s figure. The median sales price to this point in the year is $335,500 per unit, up more than 25 percent from the median price in 2021.

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Los Angeles Q2 Multifamily Market Report: Vacancy Tightens for Fourth Straight Quarter

Highlights:

Los Angeles Multifamily market report snapshot for Q2 2022
  • The Los Angeles multifamily market performed well in the first six months of 2022. Occupancy reached its highest level in more than three years, which helped fuel rapid rent increases. The investment market has remained active and competitive to this point, despite rising interest rates. Additionally, per-unit pricing has trended higher thus far in 2022.
  • Area vacancy tightened for its fourth consecutive period, dropping 30 basis points in the second quarter to 3.6 percent. Year over year, the rate improved by 90 basis points.
  • Asking rents continued to rise at an accelerating rate in recent months. During the second quarter, apartment rents rose 5.2 percent to $2,352 per month. Year over year, local rents are up 17.7 percent.
  • The investment market has been in a strong position through the first half of this year. The median price through the second quarter is $350,000 per unit, up 20 percent from the 2021 figure. Cap rates have remained low, averaging around 3.8 percent in the last three months.

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