Owners Must Sell, Allow Gentrification

IRVINE, CA—Long-time apartment-building owners need to be convinced to put their properties on the market in order to revitalize Orange County’s multifamily stock, said panelists at RealShare Orange County here last week. The lack of inventory for sale and the need for value-add properties in the region were two of the major topics up for discussion during the “Multifamily in OC: What’s Next?” panel.

Moderator Stewart Weston, senior director, Institutional Property Advisors, with Marcus & Millichap, asked panelists where they were investing in Orange County, to which Ray Eldridge, SVP of CBRE, answered, “Everywhere.” Wendy Hejna, SVP of Intervest, said the Garden Grove/Anaheim area looks promising to her firm, while Greg Reed of SVP, originations for Capital One Multifamily Finance, said his firm looks for older neighborhoods where value-add properties are plentiful.