Press

ADAPTING TO THE NEW NORMAL

Apartment owner and developer Cityview has managed to find its footing amid the market dislocation. So far, rent collections and leasing activity has been healthy, and the firm has yet to drop rental rates for both renewals or new move-in leases. However, the company has increased up-front concessions to help drive new leasing activity.

CITYVIEW CEO FINDS BRIGHT SPOTS IN PANDEMIC

Apartment owner and developer Cityview has managed to find its footing amid the market dislocation. So far, rent collections and leasing activity has been healthy, and the firm has yet to drop rental rates for both renewals or new move-in leases. However, the company has increased up-front concessions to help drive new leasing activity.

BIG CHANGES COMING TO OTHER REAL ESTATE SECTORS, TOO

Apartment owner and developer Cityview has managed to find its footing amid the market dislocation. So far, rent collections and leasing activity has been healthy, and the firm has yet to drop rental rates for both renewals or new move-in leases. However, the company has increased up-front concessions to help drive new leasing activity.

ADDED SAFETY MEASURES PAY OFF FOR CITYVIEW

Apartment owner and developer Cityview has managed to find its footing amid the market dislocation. So far, rent collections and leasing activity has been healthy, and the firm has yet to drop rental rates for both renewals or new move-in leases. However, the company has increased up-front concessions to help drive new leasing activity.

CITYVIEW SAYS RENTS ARE STABLE, CONCESSIONS ARE UP

Apartment owner and developer Cityview has managed to find its footing amid the market dislocation. So far, rent collections and leasing activity has been healthy, and the firm has yet to drop rental rates for both renewals or new move-in leases. However, the company has increased up-front concessions to help drive new leasing activity.

MULTIFAMILY DEVELOPER CITYVIEW WAITS IN THE WINGS FOR POST COVID-19 OPPORTUNITIES

Market corrections are events that test the patience of investors, and the economic impacts of the current pandemic are no different. While impacts on certain real estate sectors like retail and industrial have been perhaps more obvious due to market activity, those in the multifamily sphere have had to hold their breath. For those at Cityview, an investment management and development firm specializing in multifamily housing, while the impacts of COVID-19 have not been as bad as predicted and the firm is looking for opportunities in the market, some uncertainty remains as the market begins to open up again.

WEST COAST APARTMENT OWNER HAD 97% RENT COLLECTION IN APRIL

Los Angeles-based apartment owner and developer CityView had 97% rent collection in April across its 6,000-unit portfolio. The company, which develops and manages apartment assets throughout California and other Western US markets, took a swift and proactive approach to mitigate rent loss and has been largely successful in partnering with tenants. However, it expects to see further dislocation in May and June as the unemployment rate continues to rise.

TOP 5 MULTIFAMILY DELIVERIES IN LOS ANGELES

Although Los Angeles wasn’t among the top 5 markets for multifamily deliveries in 2019, developers were expected to complete a record number of units this year, according to Yardi Matrix data. But as California remains under lockdown, uncertainty defines development activity in the West Coast state. However, before the coronavirus outbreak hit the U.S., developers delivered five communities totaling 666 units in the first quarter, a significant decrease compared to the 1,860 apartments that came online in the first quarter of 2019.

Devang Shah

Managing Director, Acquisitions
Devang Shah is responsible for multifamily value add acquisition and asset management in Southern California. He has 22 years of experience in real estate investment, development, design, construction and asset management. Previously, Devang was the principal of Marketcents Inc. an independent project management firm, serving as an owner’s representative to investment firms, builders and developers. Prior to that, he worked was Vice-President at RCLCo, LLC, a national independent real estate consulting firm. ​