in town for RealShare Apartments
last week had a chance to unwind
at Hendricks & Partners cocktail
party at the L.A. Live Lucky
Strike Bowling Lanes.
LOS ANGELES-Hendricks & Partners’ Dean Zander and Vince Norris hosted the firm’s 6th annual pre-RealShare Apartments Conference cocktail party at the L.A. Live Lucky Strike Bowling Lanes last week. More than 150 clients and peers gathered at the venue, which offered excitement and entertainment from the new downtown L.A.
The locale was touted as one of conference attendees’ favorite spots to meet and mingle with their RealShare peers. During the event, the team of Zander and Norris sponsored a “win a shirt with a strike” competition and donated a financial contribution to the Breast Cancer Foundation.
Conversations at the event centered on the local and regional apartment market as attendees discussed where they thought the apartment market was headed and what would be the hot topics at the next day’s symposium. The mix of institutional and private sellers and buyers were grateful for the opportunity to blow off a little steam prior to the next day’s marathon event at the Westin Bonaventure hotel in downtown L.A.
Zander tells GlobeSt.com that the party was the first one the firm has held at this venue, and it received strong attendance considering that it was held off-site. “It was a fun, lively event. It was fun socializing in a noisy atmosphere in which to play.”
During the conference, Zander spoke as one of five panelists on the mid-afternoon panel entitled, “Do Cap Rates Matter?” He addressed the recent surge in “micro-units” and the resurgence of “replacement cost” discussions in a market seeing increased delivery of new units.
Zander tells GlobeSt.com that RealShare Apartments is “a great opportunity—and one of the only opportunities we have—to have so many of our clients in one place at the same time to focus on the multifamily environment. It’s an event we never miss.” He also pronounced this year’s conference “the best-attended event I’ve ever seen for multifamily—not only an ALM or RealShare event, but any of the other events that go on for the local environment. The quality of the speakers and the content are very topical and helpful, relevant and real time. It’s an opportunity to learn from our peers in a forum that’s super-conducive to deal-making and networking.”
Zander and Norris have recently brought nearly 900 units to the market and note that this is a great time to enter the Southern California apartment market, particularly with the economy on the rise, debt at historically low rates and rent growth taking hold in most markets. “There are plenty of opportunities for investors today,” noted Norris in a prepared statement.
“The market has seen a recent increase in supply with both core and value-add opportunities hitting the market in the fourth quarter,” added Zander. Among the properties the pair listed in October was the 312-unit Waterstone Walnut Ridge and the 176-unit Reserve at Moreno Valley Ranch. The duo also closed this month on the 460-unit Arbors at California Oaks in Murrieta, CA.
As GlobeSt.com previously reported, RealShare Apartments was the place to be for multifamily investors, lenders and brokers. With almost 2,000 attendees, this was one of the best turnouts ever.