RealShare Los Angeles Multifamily Panel

LOS ANGELES—According to some speakers on the multifamily panel at the recent RealShare Los Angeles, there are plenty of opportunities outside of the core market.

Originally posted by NATALIE DOLCE

While RealShare Los Angeles panelist, Max Sharkansky, managing partner of Troin Properties, is focusing on getting out of markets like Sacramento, upgrading their portfolio and is putting capital back into multifamily core properties, other fellow panelists say it doesn’t have to be core if the demographics are strong.
“Our core markets generally follow jobs and education,” said panelist Eric Diamond, COO ofDecron Properties, who says his firm is seeing many opportunities in California and says “they are not leaving the state.”

According to Diamond, “it isn’t about how far we will go; it is about what is there.” He points to Chino Hills, CA, as an example—which has great schools, access to good jobs and more. “If the demographics are strong and meet our criteria, it really doesn’t matter if it is in San Diego County, the Bay Area or Ontario. “California is the economy we want to be in.”

For Sharkansky, most of the deals are off market, in cities like Redwood City, CA or markets like Portland. “We are looking in supply/constrained markets where is it onerous to build and get through the city to get something out of the ground.”

Diamond says his firm strives to give people an affordable and quality place, noting that his firm strives to give outstanding inside features to help improve the quality in the apartments.

Panelist Richard Castillo, VP of MVE + Partners, agreed that on most of his firm’s projects, amenities are key. “We see that really evolve to involve things like dog washing, small retail shops, internet lounges, gyms and more… From an architect’s prospective, it makes for an interesting opportunity.”

Sharkansky added that “it is about enhancing the renter experience and it isn’t just about the features and amenities.” For example, his company is things like bike sharing, where a tenant gets a code and they can take a bike and cruise around, online rent payments and more. “No one has to call a hotline for a broken toilet. We are trying to enhance the experience from A to Z.”

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