Los Angeles

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.

The industrial REIT has capped the first quarter with the purchase of four industrial properties totaling $82.7 million.

The acquisition marks the firm's expansion on the West Coast and strategy to build a strong presence from San Diego to Seattle.

The company has closed WNC Institutional Tax Credit Fund 52, which will develop and renovate units across 24 properties and 16 states.

Post-pandemic, co-working spaces will serve work-from-home employees at larger companies.

Jon Reno, Mark Vanis and Trevor Gale join the firm as managing directors and will specialize in representing institutional owners and occupiers.

"There are still fewer competent BTR operators in the market than there is capital," says Sudha Reddy of Haven Realty Capital.

A local family trust purchased the property, Elements 616, a 105-unit apartment complex.