Dear Friends and Family,
As the largest development opportunity in Santa Monica in a generation hits the market, investors can become the largest multi-family landlord in Santa Monica. SoCal multi-family prices have not seen a pandemic discount due to low interest rates keeping high prices stable. Apartment landlords are feeling the squeeze as eviction protections, lower rent collections, and declines in asking rent combine to create the perfect storm. All while we examine the new definition of what home means and what design trends have proved successful.
Santa Monica Mega-Portfolio Officially Hits Market
It is official: The largest multi-family development opportunity in Santa Monica in a generation is now on the market. WSC Communities’ 23-parcel portfolio, entitled for the development of over 2,100 units and over 1 million square feet of residential space, is being billed by the brokers as a chance for a buyer to become the largest multi-family landlord in Santa Monica, controlling about 7 percent of the city’s market-rate inventory.
Why SoCal Apartment Prices Haven’t Fallen During the Pandemic
Southern California apartment investors have not seen a pandemic discount. Investor Advanced Real Estate has been an active buyer in the market this year, and while some sellers have adjusted for declines in rent collections, low interest rates have kept prices stable.
Rent Collection is Down, and Apartment Owners Feel the Squeeze
Owners of multi-family buildings are falling behind on loan payments. Banks view a greater number of rental loans as high risk, and fewer lenders are available to help struggling developers with financing. Eviction protections, lower rent collections and unprecedented declines in asking rents in some urban markets are also taking their toll on apartment owners.
11 New Trends Coming to Multi-Family Housing Design in 2021
In 2020, the definition of home was reinvented. All houses, townhouses, apartments, and condos quickly transitioned from traditional places of rest and relaxation to new, multi-faceted living, working, and learning environments.
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As always, please respond with your questions, comments, and thoughts. Until next time, hope you have a great rest of your day!