Inglis: The City is currently considering two initiatives to encourage new development. The first would create a new Transit Oriented Development plan area around the Westchester/Veterans Metro stop at Florence Avenue and Hindry Avenue that would encourage mixed-use development. The second initiative focuses on adding density around the Crenshaw/Imperial Avenue Green Line Metro stop to allow buildings of five to 10 stories just north of the Metro stop.

GlobeSt.com: Hollywood Park is still under construction. Have you already seen an impact in multifamily development and redevelopment? What about land values and property?

Inglis: Property values have increased substantially since the Los Angeles Stadium and Entertainment District was announced in January 2015, and even more so since the relocation of the Rams was approved in January 2016. Cap rates for multifamily housing were above 6.0% as recently as 2013 and dropped to under 4.0% in 2016. Recent increases in the financing costs have put modest upward pressure on cap rates but investors are still very bullish on long-term prospects for the market given continued projected growth in rental rates. Obviously the largest planned development project is related to the Stadium and Entertainment District but there are a number of developers seeking opportunities for new ground-up construction and redevelopment of existing properties to capitalize on the market's momentum.

GlobeSt.com: What are the areas of Inglewood that are getting the most attention for multifamily development?

Inglis: The areas getting greatest attention are those adjacent to the stadium project's borders along Prairie Boulevard and Century Boulevard. In addition, the potential approval of the Westchester/Veterans TOD plan area will continue to drive interest along Manchester Boulevard and Florence Avenue and the adjacent residential and business neighborhoods.

GlobeSt.com: What is your multifamily outlook for the next three years in Inglewood?

Inglis: Inglewood should continue to blossom as the various private and public development projects underway near completion, and as new projects and zoning initiatives are announced outlining the future areas of growth. Rents are likely to continue to grow due to both increased tenant interest and the sizable gap between Inglewood and nearby beach city markets. Although there is a risk of cap rates rising due to increased cost of debt, I expect property values will continue to increase as investor optimism and abundant equity capital create a highly competitive environment for investment opportunities.