As a result, Cityview is sharply focused on builing mid-rise assets in very specific submarkets. "People think the multifamily market is soft because there is a high vacancy in Downtown Los Angeles, but that is a small part of the market," says Burton. "We haven't built in that market because it is all luxury high-rise and it is oversupplied because of the new product. We picked Koreatown because it is the densest part of Los Angeles. It is mid-point between all of the jobs being created in Hollywood and all of the jobs Downtown. We also built a product that rents could rent for less than $2,000 per month. When you have product like that, there is a lot of demand, and investors understand the value of those properties."

Cityview plans to remain an active developer in this market segment thorugh the next year and beyond. "We are continuing to build the right product in these key markets," says Burton. "We are about to break ground on a project in the Silver Lake/Echo Park area, and we are about the break ground on a project on Pico Blvd. near LACMA. We have a few other projects in the Bay Area as well. We are active, but we are trying to stick to our strategy of building mid-rise product near transit and near jobs. We are trying very had not to move to riskier product or secondary or tertiary markets where there is less stability in the long run."