L.A. multifamily market stages comeback

Metro L.A. held the lead in both recent deliveries (3,087 units) and units underway (17,625 units), reported Yardi Matrix’s summer 2021 report. This represents 1.7 percent of the metro’s total inventory. The city is expected to deliver another almost 10,500 units in 67 properties by year-end. This marks a significant growth from last year, when almost 6,000 units in 27 communities came online.

The largest project delivered in 2021 through April was the partially affordable 695-unit AVA Hollywood at La Pietra Place in Metro LA, owned by AvalonBay Communities and completed in February.

Multifamily sales in Los Angeles tapered in 2020, especially during the second and third quarters, for a combined $506 million. In the final quarter, investor caution tempered and transactions resumed activity, with sales amounting to $956 million. The largest transaction so far in 2021 was Brookfield Properties’ sale of Altana in San Fernando Valley, Ventura County. Waterford Proper