GlobeSt.com: Was the timing good because Phil Cyburt was available, or because of market timing?

Westreich: The answer is year to both. It is the right timing for Phil and for Monday properties, absolutely. It is also a very interesting time for the West Coast markets

Philip Cyburt: There are huge opportunities here on the West Coast. A great example is the Playa Vista market. Who would have thought that market would be at the rents that it is at today in both multifamily and office. There is really an opportunity for people to get in there and still get an opportunistic yield. Like Anthony said, you really have to be local and you have to understand the market that you are in. Another thing is that capital these days wants a broader footprint, so East Coast and West Coast really provides more dynamic coverage for the capital sources that we have.

GlobeSt.com: Tell me about your strategy for the West Coast.

Cyburt: Our focus is going to be on office and multifamily, and, with my background in hospitality, we will look at select opportunities in the hospitality space. I think each asset class has a different rhythm and a different cycle. If you look at pricing elsewhere and the disruptors in the market, the main fundamentals of population growth, income growth, rent growth and so on, those are things are things that continue to move in the right direction. In the L.A. area, you are seeing these nodes of job hubs that are popping up. North Hollywood and Culver City are good examples. Drivability in Los Angeles is not getting better, and to attract talent and labor, employers need to be in an attractive geographic area. No one is going to live in the valley and drive to the South Bay. Those traffic disruption is going to create natural opportunities. There is a real strategy and economic indicators that you have to be out in front of.

GlobeSt.com: Are you concerned about expanding to a market this late in the cycle and with a new presidential administration in office?

Westreich: There is a lot of uncertainty in the marketplace. I think that the biggest issue that investors are facing today is that everyone realizes that the real estate cycle tends to go in bull and bear markets and we are seven to nine years into a bull market, which suggests that a correction is afoot. On top of that, there is an administration change, which comes with stripping of regulations. The punch line is that the investors that we work with are always allocated to real estate in some form. Some maybe more core focused or opportunistic, but they are always allocated to real estate. The key is to be in markets that have liquidity. We tend to markets on the gateway markets, and our capital wants us to be in those markets. The timing is an interesting time and there is some uncertainty, but capital wants to be allocated to real estate and our investors are asking us to pursue interesting opportunities. Quite honestly, I would rather be looking for opportunities coming our of a bull and into a bear market because that is where opportunities are created. If you are buying into the late cycle of a bull market, you are probably paying top dollar.

LOS ANGELES—The strong fundamentals and opportunities on the West Coast are attracting investors from the East Coast. Monday Properties, an investment firm, is expanding to the West Coast and has named Philip W. Cyburt as a partner to lead the new firm. To find out more about the firm's expansion, why this is good timing and what its goals are for the expansion, we sat down with Cyburt and Monday Properties chairman and CEO Anthony Westreich.

GlobeSt.com: What was the impetus to expand to the West Coast?

Anthony Westreich: We have historically focused on the gateway markets on the East Coast, owning and operating multifamily. We view real estate as a local game, and in order for us to have success in markets that we decide to invest in and to make sure that we are the right stewards of capital for our investors, we need to have boots on the ground. We have always viewed an expansion West as a possibility, but we really wanted to find the right person and make sure the timing was right. We met Phil in 2008 and we developed a friendship and relationship, and we really felt that the time was right now. We are really trying to be responsive to our investors, who have asked us to play a more active role in the West Coast markets.

GlobeSt.com: Was the timing good because Phil Cyburt was available, or because of market timing?

Westreich: The answer is year to both. It is the right timing for Phil and for Monday properties, absolutely. It is also a very interesting time for the West Coast markets

Philip Cyburt: There are huge opportunities here on the West Coast. A great example is the Playa Vista market. Who would have thought that market would be at the rents that it is at today in both multifamily and office. There is really an opportunity for people to get in there and still get an opportunistic yield. Like Anthony said, you really have to be local and you have to understand the market that you are in. Another thing is that capital these days wants a broader footprint, so East Coast and West Coast really provides more dynamic coverage for the capital sources that we have.

GlobeSt.com: Tell me about your strategy for the West Coast.

Cyburt: Our focus is going to be on office and multifamily, and, with my background in hospitality, we will look at select opportunities in the hospitality space. I think each asset class has a different rhythm and a different cycle. If you look at pricing elsewhere and the disruptors in the market, the main fundamentals of population growth, income growth, rent growth and so on, those are things are things that continue to move in the right direction. In the L.A. area, you are seeing these nodes of job hubs that are popping up. North Hollywood and Culver City are good examples. Drivability in Los Angeles is not getting better, and to attract talent and labor, employers need to be in an attractive geographic area. No one is going to live in the valley and drive to the South Bay. Those traffic disruption is going to create natural opportunities. There is a real strategy and economic indicators that you have to be out in front of.

GlobeSt.com: Are you concerned about expanding to a market this late in the cycle and with a new presidential administration in office?

Westreich: There is a lot of uncertainty in the marketplace. I think that the biggest issue that investors are facing today is that everyone realizes that the real estate cycle tends to go in bull and bear markets and we are seven to nine years into a bull market, which suggests that a correction is afoot. On top of that, there is an administration change, which comes with stripping of regulations. The punch line is that the investors that we work with are always allocated to real estate in some form. Some maybe more core focused or opportunistic, but they are always allocated to real estate. The key is to be in markets that have liquidity. We tend to markets on the gateway markets, and our capital wants us to be in those markets. The timing is an interesting time and there is some uncertainty, but capital wants to be allocated to real estate and our investors are asking us to pursue interesting opportunities. Quite honestly, I would rather be looking for opportunities coming our of a bull and into a bear market because that is where opportunities are created. If you are buying into the late cycle of a bull market, you are probably paying top dollar.