Top stories and aggregated facts on Multifamily Real Estate, curated for Investors and Business Partners.
CGI+ Real Estate Strategies’ ongoing efforts to broaden its investment platform has led to the firm to make its second suburban purchase in the last 11 months with the acquisition of Alturas, a 170-unit multifamily community located in Oxnard, CA in an off-market transaction for $50.7 million.
Woodland Hills-based CGI Real Estate Investment Strategies, a multifamily investment and development firm with 3,000 apartment units in its portfolio, has received entitlements for a Mid-Wilshire project at 639 S. La Brea Avenue.
CGI+ Real Estate Strategies has received full entitlements to develop a hotel, multifamily and retail mixed-use project at the intersection of Wilshire Boulevard and La Brea Avenue in Los Angeles’ Miracle Mile district.
CGI+ has received full entitlements for 639 La Brea and are set to begin development on the hotel/multifamily/retail multi-use project in the Miracle Mile/Mid-Wilshire neighborhood. The eight-story development is the result of nearly five years of planning and land assemblage and will comprise three components; a 125 key hotel; 121 residential rental units; and 13,000 square feet of street-level and rooftop restaurant space.
Built by film studio head Thomas Ince and his wife Eleanor in 1926, Villa Carlotta epitomizes tinseltown glamour – and boasts a dramatic origin story.
CGI+ Real Estate Strategies has received full entitlements and will begin development on a major hotel/multifamily/retail multi-use project at the intersection of Wilshire Boulevard and La Brea Avenue in Los Angeles’s Miracle Mile District.
Supply chain and labor issues has not slowed the delivery pace of the new construction pipeline compared to that of recent years, writes Jordan Brooks for ALN Apartment Data, in a September 28 blog.
In fact, approximately 250,000 new units were delivered through August – comfortably above the 200,000 units and 215,000 units from the same portion of 2020 and 2019, respectively. Even as deliveries have ramped up, construction times have maintained their upward trajectory.
While September welcomes the fall season, apartment performance is certainly rising.
Apartment vacancies nationally dwindled to another record low in September at just 2.7%, according to RealPage. This marked the fourth consecutive month of record-breaking lows in a dataset going back three decades.
Rapidly rising housing costs have put increasing pressure on cost-burdened renters, which in turn has led in recent years to growing calls for rent control. However, rent control is counterproductive because it doesn’t address underlying causes of affordability, according to housing experts.
Lifestyle rents continue to outpace renter-by-necessity rents by a 13.4% nationwide growth rate compared to 9.5%, according to September data from Yardi Matrix.