The panels appearing at Connect Los Angeles 2023 conference at the Hotel Indigo in downtown Los Angeles Wednesday, were a Who’s Who of LA commercial real estate. And given the current times the industry finds itself in, it was the perfect lineup for the more than 500 attendees at the one-day event.

For the first panel discussion, “Industry Leaders: A View from the Top,” the panel consisted of Bill Frame, CEO, Kidder Mathews; Robert Hart, president and CEO, TruAmerica; Stanley L. Iezman, chairman and CEO, American Realty Advisors; and David Waite, partner, Cox, Castle & Nicholson, who served as moderator.

As an owner, operator, and developer, Northland is thriving with $8 billion in assets under management, over 26,000 apartments, and a $3 billion development pipeline. Under CEO Matthew Gottesdiener’s leadership, the firm completed 11 acquisitions, seven dispositions, and 17 refinances just last year. “Northland experienced meaningful, tremendous growth in 2022,” he shares.

The successful year of growth also included the firm’s entrance into California with the half-billion-dollar acquisition of THEA at Metropolis in Los Angeles—marking one of the largest single-asset market-rate multifamily acquisitions in U.S. history. The 59-story, 685-unit tower is Northland’s sixth high-rise in its portfolio.

JLL Capital Markets closed on a six-property Los Angeles County multifamily portfolio in three separate transactions totaling $53.55 million. The apartment complexes were located at 3596 Centinela, 14311-14319 Dickens St., 12314 Moorpark, 4144 Tujunga, 12207 Riverside and 12225 Riverside, including five in the San Fernando Valley and one in West Los Angeles. The six high-performing, low-rise apartment communities total 155 residential units.   

The acquisitions included accretive assumable debt placed on all six properties by JLL in 2020. All three buyers assumed the existing debt, working with the JLL Capital Markets Debt Advisory team. 

Since 1983, GlobeSt. Real Estate Forum has recognized a growing number of female CRE professionals for their remarkable achievements. Once again, GlobeSt. has collected nominations across various categories, spanning the entire commercial real estate spectrum, in effort to shine a light on the individuals that have personally impacted the market and significantly driven the industry to new heights via their outstanding successes.

GlobeSt. is proud to announce this year’s Women of Influence winners.

TruAmerica Multifamily has promoted Amir Eshkol to the newly created position of Chief Construction Officer. Since joining the company in October 2013 as the firm’s first Construction Project Manager, Eshkol now manages a team of 14 professionals, overseeing all construction and capital improvement projects across TruAmerica’s 60,000-unit national portfolio. His career spans more than 30 years of construction and development experience, where he has focused on multifamily capital improvements for such firms as Kennedy Wilson Multifamily, Casden Properties and Goldrich and Kest Industries LLC. 

TruAmerica Multifamily is anticipating a return to steadier transaction activity later this year, with the Los Angeles-based manager expecting to continue to see ample liquidity from the government-sponsored agencies and other lenders for its Class B-focused multifamily strategy.

The firm typically transacts on about $1.5 billion each year but saw a slowdown late in 2022 along with the rest of the market as interest rates rose more rapidly than expected, said Bob Hart, founder, chief executive and president of TruAmerica.

Subscription Required

Los Angeles-based Top 50 apartment owner TruAmerica Multifamily is deepening its management team with the promotions of five key executives to new senior-level positions in acquisitions, portfolio management, asset management, capital improvements and accounting as it continues its growth trajectory.

TruAmerica Multifamily has sold the 520-unit Sweetwater at Metro North Apartments at 2902 W. Sweetwater Ave., Phoenix to Priderock Capital Partners for $115M.

Apartment investor activity cooled in the last half of 2022 in the wake of rising interest rates. But with four apartment deals totaling closing for a combined total of $418 million in March alone, we spoke to analysts about whether this could be a harbinger for even more big sales this year.

Subscription Required