Christina Real Estate Investors has completed Christina Real Estate Investors 4 with $ 44.1 million equity commitments from more than 150 investors in the United States. The platform, part of a programmatic series, was launched in 2019 and has already acquired seven properties in the Los Angeles area.
Christina 4 has acquired six residential properties, including a total of 61 units near CBS Television City, a 22-unit condominium that is about to break ground, and a 15-unit beachfront lot in Playa del Rey. The seventh property is a 7,500 square foot retail property in the West Third Street shopping district. These assets are all in line with the company’s investment strategy of owning and operating high quality properties in prime locations that can generate high returns.
“We believe that the Westside region of Los Angeles is one of the best real estate markets in the world and that our team is uniquely positioned to identify unique investment opportunities and capitalize on the underlying demand drivers,” said Adam Rosenkranz, director of asset management for the firm. said in a statement. Los Angeles is one of the major subways to fumble during the pandemic and to recover quickly this year.
Indeed, despite some migration to cheaper secondary markets, investors in the market remain bullish. At the recent GlobeSt.com multifamily conference Experts | Didn’t even be deterred by some population loss in California, saying the state is gaining an educated population and the supply-demand imbalance is still driving positive fundamentals.
In the third quarter, the Los Angeles housing market had already returned to pre-pandemic activity, so research by Marcus & Millichap. The rental of apartments is at a 15-year high, which shows the strong tenant demand. The demand is so good that the vacancy rate has fallen to 4% and rents have increased by 3% over the course of the year. Delivery bottlenecks are driving activity. The momentum is strongest in the luxury segment, where Class A vacancy rates have declined in all major sectors of the Los Angeles market. Although there will be 10,500 new home deliveries this year, only Greater Downtown Los Angeles, which includes Mid-Wilshire and Hollywood, reports an increase in supply. However, the Westside Cities, San Fernando Valley and South Bay-Long Beach will see a 10-35% decrease in new home deliveries.
Christina Real Estate is undoubtedly benefiting from this rebound. The company has already announced that it will launch a platform in the series, Christina 5, later this year.
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