No Slow Down on New Development Projects

Laurie Lustig-Bower

LOS ANGELES—In 2016, there were a record number of multifamily deliveries in Downtown Los Angeles, with more than 2,600 units coming to market. The new supply, however, isn’t detouring multifamily developers. Zion Enterprises and TA Partners recently purchased a 1.37-acre site in the downtown market to build a mixed-use multifamily property. Cimmarusti Holdings sold the site for an undisclosed amount.

The sale really highlights the consistent demand for development sites in Los Angeles. “This sale underscores the fact that interest for multifamily development opportunities in Los Angeles remains strong. Especially with Ballot Measure JJJ passing in the November 2016 election, which has rendered many otherwise suitable sites in Los Angeles no longer feasible for multifamily development,” Laurie Lustig-Bower, EVP at CBRE, tells GlobeSt.com. Lustig-Bower and her colleague Kamran Paydar represented the seller in the transaction.