Apartment vacancy fell at least 350 basis points in Downtown Los Angeles and Westside markets.

SRG built the two headquarters-distribution buildings, which total 172,516 square feet.

JLL Income Property Trust acquired the 665,000-square-foot, three-building industrial property.

MF1 Capital provided the three-year, floating-rate acquisition loan with two 12-month extension options.

Small office spaces of less than 10,000 square feet drove leasing activity in the quarter.

The developer will use the funds to build two townhome projects in Sunnyvale and Hayward.

Strong demand for industrial is helping to offset construction challenges, like the labor shortage and supply chain disruptions.

For the last few years, multifamily investors have been exiting the West Coast market, but the housing shortage in the region is a source of great opportunity.