The current climate and predictions for the multifamily market drove the conversation at Bisnow's LA Multifamily and Mixed-Use event last week, which drew more than 500 industry leaders to hear from our all-star panelists.
Our panel included Cypress Equity Investments principal Michael Sorochinsky; CityView's managing director Tony Cardoza; Fitness Design Group's founder and CEO Bryan Green; BCE Properties CEO Ryan Somers; Fairfield Residential VP James Armistead; and Polaris Pacific partner Paul Zeger.
Moderator Sal LaViña asked the speakers about current trends in multifamily and their predictions for the future. Sal is department chair of the Transactional Division of Enenstein Ribakoff LaViña & Pham.
While downtown and the Westside are great areas, Michael said entitlements on the Westside are becoming increasingly difficult. As a result, he is convinced there will be more growth in some outlying areas.
Ryan said he thinks the current cycle will have a correction, so he advised cautious optimism.
Tony said CityView has seen changes downtown in recent years and has a current focus on development opportunities in Northern and Southern California.
Fairfield Residential has been concentrating primarily on the California market, James said. He said there has been record pricing in places where the barriers to entry are considerably low, including Warner Center, downtown LA and Glendale.
With a focus on fitness, Bryan says multifamily provides unique opportunities for developers to embrace wellness offerings.
Paul is optimistic, saying he thinks the long-term growth pattern for the city is very strong.
)
)
)
)
)
)
)
)
)
)
)
)