Tech Jobs Drive Multifamily Rent Growth

CULVER CITY, CA—The influx of tech and creative companies in the Culver City, CA market is driving rental rates and property values up, especially for luxury apartment buildings, according to Greg Harris, executive director at Institutional Property Advisors. In an earlier story, GlobeSt.com reported that Harris represented the seller, MWest, in the disposition of Keswick Court Apartments, a 60-unit, luxury apartment complex. The buyer purchased the property in the upleg of a 1031 exchange, but more generally, the sale indicates the rising demand for quality multifamily in the area.

“The asset was located adjacent to growing startup tech and media companies fostering new high earning tech professionals that have a demand for luxury housing,” Harris tells GlobeSt.com. “As Culver City continues to cultivate new employment, the submarket is realizing significant rent growth and value appreciation. The property has benefited from the high paying jobs in the marketplace, and will continue to do so for the foreseeable future.”