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Multifamily Markets: Los Angeles
With its famously exciting nightlife, rated #6 in the latest U.S. News & World Report ranking, and its outstanding variety of restaurants and eateries – ranked the #3 Best Food City in America by The Washington Post – Los Angeles has much to offer for multifamily development. Downtown LA is exploding with new construction, particularly in South Park and the Arts District. South Park is LA’s fastest growing neighborhood, with 33 different office, multifamily, retail, and hospitality projects underway. Several massive towers are set to reshape the city’s skyline in the next few years, and most include a significant multifamily component.
Los Angeles isn’t the only reason this MSA is booming. Neighboring Long Beach is in the midst of a long-awaited revival, after years of decline following the departure of Navy operations in the coastal town. Despite its decline, it remains the third largest city in southern California, behind Los Angeles and San Diego. Now, at last, things are turning around, with new construction booming: There are currently three dozen multifamily projects underway or in the pipeline in Long Beach, with a total value of approximately $3.5 billion.
Glendale is also in the midst of a multifamily surge, so much so that in March the City Council announced a 45-day moratorium on apartment construction in the downtown area. The city has been providing developers with a variety of incentives that typically include some tie to public benefits, such as open space or affordable housing.
Another contributing factor to the MSA’s growth is the selection of L.A. as the host of the 2028 Olympics. Both Los Angeles and Long Beach city are receiving significant government funding to bolster their infrastructure and to expand other municipal projects, which makes the cities even more attractive to multifamily investors and their potential tenants.