Southern California multifamily investors are actively buying through the pandemic, but business plans look a little different. Value-add investors in particular are challenged to turn short-term deals around for a profit in the current market. However, investors with long-term outlooks are still moving forward on deals.

"If you are looking for a quick value-add opportunity to reposition assets for a quick profit, this business model will be tough to implement in today's marketplace. I see value-add buyers being put on the sideline for the time being, but as Californians get back to work and eviction moratoriums are removed, the value-add business will come back," Daniel Withers, SVP and senior director at Matthews Real Estate Investment Services, tells GlobeSt.com.

If history is a window into the future, apartments in Southern California will not only survive the recession but will see a surge of growth during the recovery. This precedent is fueling investment activity in the region. "California multifamily properties have historically outperformed the national average, and I continue to see this moving forward," says Withers. "Which is why I believe if you are an investor who is in it for the long haul, you will do just fine."