[co-author: Jason Parr]
Multi-family market expectations have improved in Silicon Valley, Orange County, and San Diego, while in the other markets surveyed, panelists do not see 2023 as having higher occupancy and rental rates compared to today, according to the latest Allen Matkins/UCLA Anderson Forecast California Commercial Real Estate Survey. Overall, though the pandemic has changed the nature of the demand for apartments both geographically and in their footprint multi-family development is still expected to grow in California as the economy rebounds and housing demand grows again.
Multi-family housing industry leaders, Jason Parr of Cushman & Wakefield and David Blackwell of Allen Matkins, discuss what lies ahead for this sector of the California commercial real estate market.
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Canyon News
SANTA MONICA-On Friday, February 19, the California Department of Housing and Community Development announced that two awards will be provided to the City of Santa Monica for the production of affordable housing.
“Affordable housing, always a precious resource, has become even more necessary as greater numbers of our community suffer the financial hardships brought on by the pandemic,” said Mayor Sue Himmelrich. “We are pleased that the state recognizes us as a partner in our collective pursuit to address California’s affordability crisis, and we thank HCD for this much appreciated contribution to our affordable housing trust fund that will offer stability to Santa Monicans.”
The city of San Diego appears to have paid above-market rates for the two Residence Inn hotels it purchased late last year for just over $106 million, properties that city officials are relying on to help reduce the homeless population across the community.
According to an analysis of sales data obtained by The San Diego Union-Tribune, the Residence Inn Mission Valley cost taxpayers $67 million not including a $502,000 broker’s fee paid by the buyer or just under $349,000 for each of 192 rooms.
That was the highest per-room cost for any hotel sold in San Diego County last year and it was based on a valuation that was set weeks before the global coronavirus pandemic wreaked havoc on the hospitality industry.
By Jade Martinez-Pogue, Noozhawk Staff Writer | @MartinezPogue
February 19, 2021
| 8:18 p.m.
The Santa Barbara County Association of Governments has received the final Regional Housing Needs Allocation determination, which fell about 15% below the previous draft number presented to the board of directors in November.
The RHNA is the state’s fair share housing law that requires local governments to plan for the minimum number of housing units across four income groups. SBCAG, acting as the regional government agency for Santa Barbara County, is responsible for developing a methodology to allocate the housing units across the county.
The county’s final RHNA determination for the eight-year cycle of 2023-31 is 24,856 housing units. That number was adjusted down from 29,313, the previous draft number determined by the California Department of Housing and Community Development in November.