LOS ANGELES—The trend of people moving to cities isn't slowing down. According to Sean Burton, CEO of CityView, we are living in a “century of cities,” and that is especially evident on the West Coast. Burton spoke about the trend on the Best of Infill and “New Community” Housing and the Future of LAX panel at the 2017 USC Gould Real Estate Law and Business Forum in Downtown Los Angeles.
Today, 3.9 billion people live in cities. By comparison, 750 million people lived in cities in 1950, but the city growth is especially evident on the West Coast, according to Burton. In fact, the California is leading the nation in job growth and is growing 60% faster than the rest of the country. Los Angeles is at the epicenter of this job growth. The city has more tech jobs than any other market in the world, including Silicon Valley. This is also the place where entertainment and tech merges,” said Burton, adding that there is a diverse industry pool supplying jobs in Los Angeles.
Because cities have seen so much growth, CityView's investment strategy dense infill assets. “We focus on places that have strong demand and weak supply, and LA fits this perfectly,” said Burton. Specifically, the firm is focusing on multifamily development of the severe lack of housing in Los Angeles. “We have done a bad job creating housing supply,” Burton said. “We haven't built enough homes, and we are actually getting worse. We are building homes compared to population growth at the slowest pace in 4 decades.”
CityView has targeted Koreatown specifically. The Downtown Los Angeles-adjacent market is actually the densest in the city. “We want to attract young families and young millennials,” said Burton. The firm also has assets in the up-and-coming Culver City market. Last year, it launched a $150 million multifamily fund that will target West Coast markets, and specifically markets in California.
LOS ANGELES—The trend of people moving to cities isn't slowing down. According to Sean Burton, CEO of CityView, we are living in a “century of cities,” and that is especially evident on the West Coast. Burton spoke about the trend on the Best of Infill and “New Community” Housing and the Future of LAX panel at the 2017 USC Gould Real Estate Law and Business Forum in Downtown Los Angeles.
Today, 3.9 billion people live in cities. By comparison, 750 million people lived in cities in 1950, but the city growth is especially evident on the West Coast, according to Burton. In fact, the California is leading the nation in job growth and is growing 60% faster than the rest of the country. Los Angeles is at the epicenter of this job growth. The city has more tech jobs than any other market in the world, including Silicon Valley. This is also the place where entertainment and tech merges,” said Burton, adding that there is a diverse industry pool supplying jobs in Los Angeles.
Because cities have seen so much growth, CityView's investment strategy dense infill assets. “We focus on places that have strong demand and weak supply, and LA fits this perfectly,” said Burton. Specifically, the firm is focusing on multifamily development of the severe lack of housing in Los Angeles. “We have done a bad job creating housing supply,” Burton said. “We haven't built enough homes, and we are actually getting worse. We are building homes compared to population growth at the slowest pace in 4 decades.”
CityView has targeted Koreatown specifically. The Downtown Los Angeles-adjacent market is actually the densest in the city. “We want to attract young families and young millennials,” said Burton. The firm also has assets in the up-and-coming Culver City market. Last year, it launched a $150 million multifamily fund that will target West Coast markets, and specifically markets in California.
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