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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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Orange County Q3 Multifamily Market Insights: Vacancy low, rents continue to trend higher

Highlights:

Orange County Multifamily market report snapshot for Q3 2022
  • Multifamily property performance metrics were strong in Orange County during the third quarter. Vacancy remained low, and asking rents continued to trend higher. Multifamily developers are expected to increase deliveries in the final months of the year.
  • The vacancy rate inched higher in recent months as absorption levels slowed from the previous period. Area vacancy rose 10 basis points during the third quarter to 3.2 percent. Year over year, the rate is down 20 basis points.
  • Asking rents continued to push higher in the last three months, rising 1.3 percent during the third quarter to $2,499 per month. Year over year, local apartment rents are up 14.3 percent.
  • The local investment market slowed in recent months, as the pace of deals pulled back during the third quarter. The median price in transactions that have closed year to date is $366,400 per unit, slightly lower than in 2021. Cap rates held fairly steady to this point in the year, as most properties are selling with cap rates between 3.5 percent and 4.25 percent.

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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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Orange County Q2 Multifamily Market Insights: Rent Growth Accelerates as Vacancy Ticks Lower

Highlights:

Orange County Multifamily market report snapshot for Q2 2022
  • Multifamily operating conditions improved in Orange County during the second quarter. Local vacancy tightened and asking rents spiked. The pace of apartment completions has accelerated to this point in 2022, following a slowdown in deliveries last year.
  • The vacancy rate improved during the second quarter, dropping 30 basis points in the last three months to 3.1 percent. Year over year, vacancy has tightened by 70 basis points.
  • Asking rents jumped in recent months, rising 5.6 percent in the second quarter to $2,466 per month. Apartment rents have spiked 18.8 percent from one year ago.
  • The multifamily investment market made gains during the second quarter. The median sales price of properties that traded in the past three months reached $416,700 per unit; year to date, the median sales price is $369,300 per unit. Cap rates held fairly steady averaging around 4 percent.

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Los Angeles Q1 Multifamily Market Insights: Rents surge higher during the first quarter

Highlights:

Los Angeles Multifamily market report snapshot for Q1 2022
  • Continued vacancy tightening and a recovering employment market fueled rent gains in Los Angeles County at the start of 2022. Rent growth in the first quarter outpaced neighboring Southern California markets and supported continued investment activity and rising per-unit prices.
  • The vacancy rate in Los Angeles dipped 10 basis points in the first quarter to 3.9 percent; this is the lowest area vacancy rate since 2019. Year over year, the rate declined by 60 basis points.
  • Asking rents climbed in the first quarter, rising 4.7 percent to $2,236 per month. The pace of rent growth is accelerating; during the past 12 months, rents advanced 13.6 percent.
  • The multifamily investment market remained active in the first quarter. The median sales price to this point in 2022 reached $341,400 per unit, up 17.5 percent from the median price in 2021. Cap rates averaged around 3.7 percent at the start of the year.

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Orange County Multifamily Market Insights: Job growth gaining momentum, vacancy remains low to start 2022

Highlights:

Orange County Multifamily market report snapshot for Q1 2022
  • Stability prevailed in the Orange County multifamily market at the outset to 2022. The vacancy rate remained unchanged, and rents inched higher at a modest pace. While the construction pipeline includes a number of projects, deliveries and absorption were closely aligned to start the year.
  • Vacancy held steady in the first quarter at 3.4 percent; this marked the third consecutive quarter at this level. Year over year, the rate dropped 20 basis points.
  • Year over year, asking rents advanced 18.3 percent to $2,335 per month. Nearly all of the increase occurred at the end of 2021, and gains were minimal during the first quarter.
  • The investment market was dominated by the sale of older, Class C buildings at the start of 2022. Prices dipped in response to the mix of properties changing hands; the median sales price ended the first quarter at approximately $351,300 per unit. Cap rates trended higher, averaging around 4 percent.

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Greater Los Angeles Q4 Multifamily Market Insights: Vacancy Tightens as Labor Market Rebounds

Highlights:

Los Angeles Multifamily market report snapshot for Q4 2021
  • Multifamily operating conditions improved in Los Angeles during the fourth quarter. Rents continued to climb in recent months and vacancy tightened. Continued recovery in the local employment market should support renter demand in the coming quarters.
  • Vacancy in Los Angeles dipped 10 basis points during the fourth quarter, building upon a 40 basis point compression during the prior quarter. The rate declined 50 basis points during 2021, reaching 4 percent.
  • Asking rents pushed higher during the final quarter, following a significant spike in the third quarter. Year over year, rents advanced 8.2 percent, ending 2021 at $2,136 per month.
  • Multifamily sales velocity accelerated in the last few months of the year. The median price in 2021 reached approximately $290,400 per unit, up 5 percent from the median price in 2020. Cap rates averaged 3.7 percent in the fourth quarter.

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