Cityview, a Los Angeles-based real estate investment manager with a strong track record in Western and Southwestern multifamily markets, is expanding its operations to the East Coast. The firm has opened a new office in New York City to expand its investment and capital-raising efforts across the Eastern United States. This expansion is being led by Christoph Donner, the firm’s recently appointed global head of capital development and strategy and former CEO of PIMCO Prime Real Estate.
The decision to establish a presence in New York comes after nearly a year of detailed market analysis. Cityview partnered with RCLCO Real Estate Consulting to evaluate the country’s 40 largest metropolitan areas, analyzing more than 50 variables including supply and demand, economic growth, education levels and quality of life. The study identified the East Coast markets as poised for strong multifamily performance in the coming cycle.
“Cityview has historically focused on supply-constrained markets on the West Coast, and in recent years we’ve diversified our strategy to include more demand-driven centers across the Southwestern U.S., including Dallas and Phoenix,” Sean Burton, Cityview’s CEO, told GlobeSt.
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“Now, we’re expanding nationally with a strategic move into East Coast markets that show strong fundamentals and are poised for future growth.”
Donner, who will lead the East Coast operations from the new office at 300 Park Avenue, emphasized the significance of establishing a physical base in New York. However, he noted that while Cityview’s New York office will be the hub for East Coast activity, the firm does not currently plan to develop within New York City’s five boroughs. Instead, the office will serve as a launchpad for expansion into other high-potential markets.
Cityview’s initial targets for investment include Boston, Orlando and Atlanta, with Raleigh, North Carolina and Charleston, South Carolina, identified as future priorities. The firm sends teams to each market, meeting local stakeholders to understand the fundamentals of each region. “Every market has different nuances — some have a different tax regime,” Donner told us. “Insurance is a big topic for Florida, for example. Every market is different, every location is different, every building is different.”
The company’s investment focus remains on multifamily properties that are accessible to people with regular jobs, rather than the luxury segment. “We’re not targeting the high-end market,” Donner said. “We’re looking for properties that are at a price point where people with regular jobs can afford to live.”
Burton described Cityview’s expansion as a long-term, strategic commitment rather than a tactical move. “We’re going to go into these markets, and we’re going to go there to stay. This is not a tactical decision; this is a strategic push to continue to be really a national presence,” he said. The company expects to build out its New York office staff over the next six to twelve months, starting with acquisitions and expanding into asset management and development as the East Coast portfolio grows.
As Cityview enters the second half of the year, the firm is actively underwriting and bidding on deals in its target markets, with the expectation of having one or two transactions under contract by year’s end.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
