Multifamily

The affordability crisis in Los Angeles is driving residents to other markets, including the neighboring Riverside County as well as markets like Dallas and Denver.

Co-living community operator Common is doubling down on these two pillars of non-traditional apartment living.

"Praedium will rebrand the property and seek to enhance the tenant experience through a modernization of the clubhouse and amenity space," says Kelsey Durels, a Praedium associate.

Meridian at Midtown's central location is within a mile of Google's proposed campus and the Diridon Station development, which will dramatically shift the core of downtown San Jose closer to Midtown.

The sale of the property between a private investor and owner operator and the new owner, a Chicago-based private equity firm, was reported by brokerage firm Marcus & Millichap.

JP Morgan and Mack Real Estate are providing $294 million for the luxury condominium tower. Construction on the 22-story building that is being built by John Moriarty & Associates has begun.

The multifamily market in Long Beach has grown rapidly in the last five years, and now, the tallest luxury high-rise in the market is on its way.

With job growth comes housing demand and this disparity underscores the fact that regardless of the need for housing that comes with job production, a market can't absorb product that isn't there.