Multifamily

The pandemic has heightened inequality and exacerbated the need in the housing market, highlighting a lack of supply and increasing tenant base for low-income households and a large portion of the workforce.

After a devastating quarter two, there has been an uptick in activity in the third quarter, suggesting that the economic recover has started.

Results for the third quarter appear positive, though other metrics for apartments activity were mixed.

The L.A.-based investment firm will close on $375 million in acquisitions in October and put a $1.2 billion multifamily portfolio on the market.

Since March, rents have fallen in 41 of the top 100 metros in the US with San Francisco, New York and Seattle among the markets with the steepest declines.

"Our offices in smaller cities and suburbs are reporting enhanced activity from out-of-state investors and companies that are either looking to relocate or at the very least, downsizing their urban footprints for satellite offices nearby."

A housing shift is occurring in some cities as some people are trading urban living for the suburbs or rural areas, says Jadon Newman, founder and CEO of Noble Capital Group LLC.

MIG Real Estate has opened escrow on two new Opportunity Zone ground-up multifamily development projects in Fremont and Hollywood, a continuation of an investment strategy to reposition its portfolio in key urban markets.