LOS ANGELES—West Adams and Leimert Park are the next investment hotspots, Jonathan Barach说, 明陞m88手机客户端总裁. The neighborhoods are centrally located with access to major freeways and public transit, 所有的细节都让它对投资者非常有吸引力. 投资者 are finding great value-add multifamily opportunities and there is great potential for retail investment as well. Barach sat down with us for an exclusive interview to discuss the markets, why they are suddenly hotspots and the opportunities that are investors are finding in the markets.
全球.com: Why is the West Adams and Leimert Park becoming hot spots for investment?
乔纳森·巴拉克:首先是位置. This is an area that is ideally located near major freeways (I-10, 405, 和轻轨(世博线), Crenshaw/LAX line coming soon) as well as adjacent to well-established and far more expensive neighborhoods (e.g.卡尔弗城). 宽松的连接器, and the airport’s multi-billion dollar expansion and renovation also cannot be overstated. 尽管位于中心位置, rents in the area are up to a 50% discount to similar product in the more established neighborhoods. 负担能力已经成为一个主要问题有一段时间了, 而且在未来只会变得更加尖锐. This has the inevitable effect of pushing renters to more affordable, adjacent neighborhoods such as West Adams and Baldwin Hills. The other reason for the area’s emergence is the considerable amount of public and private investment in the area from groups such as Capri Capital and Carmel Partners, 在La Cienega/Jefferson TOD等大型项目中, Kaiser Permanente门诊设施, 鲍德温山购物中心重建, 圣巴巴拉广场重建项目, 还有克伦肖/洛杉矶线. Finally these neighborhoods are rich with history and culture, and that is what renters are searching for in their communities; A sense of place and community that they can be a part of.
全球.com: What types of opportunities are investors finding in this market?
Barach: Value-add multifamily opportunities are the most prevalent I see, though I think certain retail and commercial opportunities around major transit stops will also do very well within the next three years. 从高水平上, there are not a ton of opportunities to speak of since many owners see what is transpiring and don’t want to sell early. But with patience and persistence, some of the best opportunities in LA are in this pocket.
Barach: A year ago we purchased Woodlake Manor in Baldwin Hills for around $159k per unit/$139 per SF. Other owners we have spoken with about selling would not sell for anywhere near the levels we paid a year ago.
全球.com: What is your outlook for this market over the next year?
巴拉克:关于这个市场, I expect the same trends as we saw in 2016 – a limited amount of investment sales activity, 买方需求强劲, 哪一个将会继续升值. 在收入方面, I see strong rent growth driven by an influx of new renters priced out of adjacent neighborhoods who are looking to discover “the next up and coming neighborhood.”
全球.com: How does the emergence of this market speak to broader trends in the Los Angeles market?
Barach: It speaks to the maturation of the LA market as one city. Previously a patchwork of good and bad neighborhoods separated by invisible borders, major investments are now being made in neighborhoods that were previously considered off limits. 最典型的例子就是英格尔伍德. Historically underinvested from an institutional standpoint, the expectations are now incredibly high for that area to really thrive with the coming Hollywood Park redevelopment. 测量M的传递, which provided the funding to expand the city’s mass transit infrastructure and do a better job of connecting the city, 也在城市的成熟中扮演了重要的角色. Investment from overseas on a large scale and the downtown LA renaissance have also played major roles. 然而, the city is still comparatively cheap next to other major gateway cities like New York and San Francisco, 为熟悉市场的投资者提供了额外的投资渠道.