Los Angeles-based apartment owner and developerCityView had 97% rent collection in April acrossits 6,000-unit portfolio. The company, which develops and managesapartment assets throughout California and other Western USmarkets, took a swift and proactive approach to mitigate rent loss,and has been largely successful in partnering with tenants.However, it expects to see further dislocation in May and June asthe unemployment rate continues to rise.
"It has been an interesting six weeks. April rent collectionswere significantly better than we initially anticipated,"Sean Burton, CEO of CityView, tells GlobeSt.com."We had a little debate in the firm in doing prep work, and mostpeople thought that rents were going to be 20% to 40% off. We havecollected 97% rent from our residents."
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