The Los Angeles Business Journal's Caroline Anderson reports on the new, $150 million equity fund raised by CityView.
The fund, which, once levered, could reach up to about $450 million, is aimed at developing or renovating communities up and down the West Coast, with a footprint stretching from San Diego to Seattle and Denver to Dallas. Its first acquisition will be in Los Angeles.
“These urban markets are experiencing strong population and job growth, making this an ideal time to bring new multifamily inventory to the market,” said [CityView CEO Sean] Burton in a statement. “Much of this opportunity is due to the demand of Millennials, who are now entering their prime earning and spending years. They are renting longer, and they want apartments that put them in close proximity to jobs, shopping and entertainment.”