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July 12, 2024
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Los Angeles’ Multifamily Investment Market Picking Up as Investors Look to Move Capital Away from Office and Single-Family Products

6/12/24

This market sound bite provided by real estate services firm Avison Young

The Los Angeles multifamily investment market is picking up as major investors look to move capital away from office and single-family products, according to recent research from commercial real estate services firm Avison Young.

Since the beginning of the Covid-19 pandemic in Q2 2020, the Los Angeles multifamily investment market saw a massive six-quarter increase in sales volume with a high of $3 bil in Q4 2021, followed by eight straight quarters of decreasing sales volume down to $300 mil in Q3 2023.

Sales volume and sales price per unit showed a direct correlation, where price per units peaked when sales volumes were at their highest, and price per units dropped when sales volumes were low. Currently, the firm sees both trending upward on their bell-shaped curves, with the price per unit sitting at $343k for Q2 2024 so far. As sales volumes increase, they see the value of apartment units growing as well.

The Los Angeles multifamily investment market is appealing to investors due to buyer pessimism within the office product type as office valuations are at the lowest they have ever been, per Avison Young research. Additionally, the company sees a decrease in residential housing sales due to current economic conditions, causing many families to divert to renting as opposed to taking out a high interest-rate loan to make a purchase.




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