No Vacancy with Taylor Avakian

Jay Luchs, Executive Vice Chairman at Newmark, joins Taylor Avakian on No Vacancy to talk about building a career in commercial real estate brokerage in Los Angeles. The conversation covers hard work in the industry, relationship building with landlords and tenants, commission structures, and the path from early cold calling to long-term client relationships.They discuss the balance of tenant representation versus landlord work, the realities of deal volume and splits, and what it takes to stay in the business for decades. Luchs shares how he thinks about prospecting, team dynamics at a large firm versus going independent, and the day-to-day of driving deals across Los Angeles retail and office markets. Topics also include working with major fashion brands, specific streets and neighborhoods, commissions on large transactions, and advice for brokers early in their careers.The episode touches on building trust over time, knowing when to walk away from a deal, the role of coworkers as referral sources, and reflections on what matters most after years in the business. Viewers interested in commercial real estate brokerage, luxury retail leasing in Los Angeles, and career development in the industry will find practical insights from someone who has closed thousands of transactions.Chapters 0:00 Intro and the “pay for signs” rumor 1:19 Hard work, commissions, and making money in brokerage 11:13 Why stay at a big firm like Newmark 17:18 First deals that built momentum 20:03 Building relationships with major brands 22:21 Balancing advice versus what clients want 26:14 Relationship skills versus other broker strengths 27:05 Mentors and working for others early on 30:20 The Tower Records / Sunset Strip story 35:15 Where the market is moving in LA 38:07 How tenants find space and early brand wins 41:05 Most impactful actions in the first ten years 44:40 Thinking about commissions and value 47:08 Working across different client groups 49:10 The Iman project and current involvement 51:46 What’s coming on Sunset Plaza and other streets 53:33 California Incline and brand involvement 55:22 Grueling parts of the job and favorite spots 56:25 Advice to a younger self 59:19 Closing thoughts on LAKeywordsJay Luchs, Taylor Avakian, No Vacancy Podcast, commercial real estate broker, Los Angeles real estate, Newmark, luxury retail leasing, Rodeo Drive, brokerage career, commissions, tenant representation, landlord representation, relationship building, commercial real estate 2026, LA retail market, fashion brand real estate, brokerage advice, hard work in real estate, Sunset Strip, Abbot Kinney, Malibu real estate, brokerage splits, prospecting, commercial real estate podcastSubscribe and Stay Ahead! Stay informed and empowered in the multifamily real estate market. Subscribe to the channel for exclusive insights, rental updates, and expert analyses on the Los Angeles market.🔔 Don’t miss out on the latest trends and tips to maximize your property's potential: https://www.youtube.com/c/TaylorAvakian📈 Connect with me:Website: https://www.thegroupcre.com/Email: [email protected]: https://x.com/TAYVAY_LinkedIn: https://www.linkedin.com/in/tayloravakian/#LosAngelesRealEstate #MultifamilyBroker #LandlordTips #RealEstateInvesting #PropertyManagement #TenantScreening #RentalMarket #LosAngelesApartments #RealEstateStrategy #TaylorAvakian #ApartmentOwner

Ron Kolar, founder of L'Abri Management, explains how he built a portfolio of roughly 6,000 apartment units across Southern California, starting with a 16-unit building in Downey in 1961.On No Vacancy with Taylor Avakian, he covers the early path from USC and a steel company job into full-time real estate in 1972, how depreciation and stock underwriting helped fund the first deals, and the practical side of running both owned properties and fee management accounts.The conversation also looks at how they structure syndications with over 100 investors, why they put significant equity into every deal, the role of refinancing in returns, and what it takes to keep buying in today’s California market. Topics include evictions, Section 8, habitability issues, insurance and expense growth, rent control, succession planning, and the personality traits that have mattered most over more than 50 years in the business.L'Abri Management focuses on southeast L.A. County and north-central Orange County. Ron walks through how they underwrite, walk every unit, upgrade properties, and decide when to buy versus sit out. He also shares a few memorable deals, including auction purchases, and why he still shows up to the office at 91.0:00 Why he still works at 91 2:12 L'Abri Management and the company history 3:01 First 16-unit building in Downey 6:01 How real estate started with a tax class 8:42 Going full time in 1972 and naming the company 10:04 Portfolio size and fee management 12:43 Early stock money and first partners 16:28 Memorable deals and auction stories 20:08 Good news and bad clients in management 23:02 Daily schedule at 91 27:30 Starting over today vs the 1960s 29:20 Current deals in escrow and value-add approach 32:17 Return metrics and refinancing 33:15 Syndication structure and investor alignment 36:19 California laws and eviction timelines 38:13 What makes him different 43:40 Walking properties and broker relationships 44:38 Succession planning 45:43 Never losing a building to the bank 49:15 Expected short sales and opportunities ahead 50:32 Advice he gives most often 52:00 Rare sales and 1031 exchanges 54:00 How important location is 55:20 Why he avoids rent control 57:02 If he ran California housing policy 59:16 Advice for someone starting in their 20s or 30s 1:00:48 Faith and how it shaped the business 1:06:36 What he’s looking forward to Keywords:Ron Kolar, L'Abri Management, Taylor Avakian, No Vacancy podcast, multifamily real estate, apartment investing, Southern California apartments, Downey apartments, California rent control, property management, real estate syndication, value add apartments, Section 8 housing, multifamily investing, Los Angeles multifamily, Orange County apartments, real estate career advice, building an apartment portfolio, California landlord laws, long term real estate investing Subscribe and Stay Ahead! Stay informed and empowered in the multifamily real estate market. Subscribe to the channel for exclusive insights, rental updates, and expert analyses on the Los Angeles market.🔔 Don’t miss out on the latest trends and tips to maximize your property's potential: https://www.youtube.com/c/TaylorAvakian📈 Connect with me:Website: https://www.thegroupcre.com/Email: [email protected]: https://x.com/TAYVAY_LinkedIn: https://www.linkedin.com/in/tayloravakian/#LosAngelesRealEstate #MultifamilyBroker #LandlordTips #RealEstateInvesting #PropertyManagement #TenantScreening #RentalMarket #LosAngelesApartments #RealEstateStrategy #TaylorAvakian #ApartmentOwner

Tom Safran, Chairman of Thomas Safran & Associates, joins Taylor Avakian to discuss a 50-year career developing and managing affordable multifamily housing across Southern California. The conversation covers his path from early government work into development, first projects, partnerships, and long-term ownership of properties.Topics include the early days of HUD programs, the origins of Section 8 and the low-income housing tax credit, structuring partnerships and buy-sell agreements, acquiring and repositioning existing buildings, working with cities, and the practical realities of developing affordable housing in California over multiple decades.Chapters0:00 Opening thought on controlling property1:18 Welcome and early interest in buildings8:19 HUD years and move to Los Angeles15:50 Leaving HUD and first project25:22 Scaling up and forming the company34:30 Partnership lessons and agreements38:19 First sense of having made it45:23 Challenging deals and federal housing policy52:01 Building affordable housing today54:48 Starting over and buying existing properties1:00:30 Relationships and the Golden Rule1:03:55 Closing adviceKeywords: xtom safran, thomas safran associates, affordable housing development, multifamily housing, real estate partnerships, section 8 housing, low income housing tax credit, hud affordable housing, california housing development, no vacancy podcast, taylor avakian, commercial real estate, buy sell agreements, value add apartments, housing development career, los angeles multifamily

Robert Pereira of ARC Multifamily Group discusses scaling multifamily real estate investing, his partnership with Alex and Layla Hormozi, the shift from single-family development to a vertically integrated apartment platform focused on operations, capital raising, and market selection in the Southeast.The conversation explores hold economics versus short-cycle development, vertical integration in property management versus third-party approaches, sourcing and underwriting deals in supply-constrained markets, investor alignment and deal structures in syndications, day-to-day operator realities, technology and process improvements in leasing and turns, and longer-term considerations around regulation, climate, and technology for apartment owners and operators.Chapters0:00 Cold open1:22 Welcome and guest introduction2:08 Background from Canada to Southern California3:01 Early single-family flips and development5:01 Early investor results and track record6:03 Pivot rationale to multifamily7:07 Hold economics and cash flow9:02 Southeast markets and micro focus11:17 Supply dynamics in Atlanta13:03 Market selection and regulatory environment15:51 Capital raising evolution18:11 Getting started as a co-sponsor20:44 Investor networks and niches22:26 Deal structure and GP alignment23:13 Operations as a differentiator29:37 Vertical integration details32:08 Process improvements and speed to lease36:14 Turns, reviews, and the leasing funnel40:37 Deal identification and buy box42:21 Return metrics and underwriting approach44:12 Tax treatment and depreciation45:13 Timing sales46:48 Short-term debt offerings49:06 California outlook53:06 Unexpected operational realities54:44 Day-to-day schedule56:20 Operating systems and mentors58:15 Technology tools in operations59:33 AI and future operator models1:00:56 Mentors and customer focus1:02:06 Longer-term risks1:03:37 Advice for early-career real estate1:05:19 Finding and working with mentors1:06:39 International real estate opportunities1:09:10 ClosingKeywords: multifamily real estate investing, apartment investing, multifamily syndication, vertical integration property management, apartment operations, scaling multifamily, real estate capital raising, Southeast multifamily, ARC Multifamily Group, Robert Pereira, Taylor Avakian, No Vacancy podcast, multifamily operators, property management, real estate syndication 2026Subscribe and Stay Ahead! Stay informed and empowered in the multifamily real estate market. Subscribe to the channel for exclusive insights, rental updates, and expert analyses on the Los Angeles market.🔔 Don’t miss out on the latest trends and tips to maximize your property's potential: https://www.youtube.com/c/TaylorAvakian📈 Connect with me:Website: https://www.thegroupcre.com/Email: [email protected]: https://x.com/TAYVAY_LinkedIn: https://www.linkedin.com/in/tayloravakian/#LosAngelesRealEstate #MultifamilyBroker #LandlordTips #RealEstateInvesting #PropertyManagement #TenantScreening #RentalMarket #LosAngelesApartments #RealEstateStrategy #TaylorAvakian #ApartmentOwner

Eric Sussman on multifamily syndication, Los Angeles real estate, and Clear Capital. Taylor Avakian talks with the UCLA Anderson adjunct professor and founding partner of Clear Capital about Amber Capital, early syndications, and buying outside Los Angeles.Sponsor - Real Property CaptiveThis episode is sponsored by Real Property Captive, insurance for owners, by owners. RPC members own equity in their insurance company, buy reinsurance at bulk rates, keep unused premium, and cut property insurance rates by up to 35%. Captives insure roughly 90% of the Fortune 500 & the largest institutional real estate owners. Learn more at https://www.rpcaptive.com/?utm_source=novacancy&utm_medium=podcast&utm_campaign=novacancy-2026-07.Sponsor - Loan TitanAchieve your real estate goals through tailored financing solutions withhttps://loantitan.com/Sussman walks through a path from Price Waterhouse to a Stanford MBA, then Amber Capital, Sequoia Real Estate Partners, and Clear Capital, plus how a CPA review class and David Ravetch led to teaching accounting and real estate at UCLA Anderson. The conversation covers the early-1990s deal market, Resolution Trust, a Palm Springs ground lease on Native American land, and raising capital in small checks from doctors before a track record existed.Topics include cash-for-keys brick deals in Los Angeles, Washington Mutual and Hawthorne Savings, pref and waterfall structures, information asymmetry versus CoStar-era comps, and niches in multifamily, industrial, office, and retail. They also cover Miracle Terrace in Anaheim, Section 8, Loretta Sanchez, a bulk sale to Blackstone and CityView, Sun Belt supply, cap rates, and 2020–2023 syndications.Later segments touch rent control, RSO, inclusionary zoning, housing policy in Los Angeles and New York, population and jobs, entertainment and aerospace, immigration, expert witness work, single-family versus multifamily, industrial vacancy, tariffs, and advice on networking, hard work, and pivoting. Joel Peterson, Trammell Crow, the Ziman Center, Rick Caruso, and Karen Bass come up along the way.Chapters0:00 Eric Sussman and Clear Capital1:09 Career path from Price Waterhouse1:41 Teaching at UCLA Anderson5:13 First interest in real estate7:04 Advice for a high school senior9:25 First deal in the early 1990s12:27 Asset types in the deal decade14:41 How to pick a market and niche16:42 Information and efficient markets19:04 Postwar real estate versus today23:25 Early LA syndications and structure28:10 Miracle Terrace in Anaheim33:41 Selling out of Los Angeles36:50 Buying in LA now38:03 Rent control and housing policy42:00 Vacancy control and RSO risk44:43 Population, jobs, and immigration46:49 Call or put on Los Angeles48:04 Getting back into the LA market49:00 Education versus common sense53:55 Expert witness work56:10 Syndications from 2020 to 202359:50 Macro and real estate outlook1:04:14 Cars, spending, and the game1:08:42 Advice for the next generationKeywords: Eric Sussman, Clear Capital, UCLA Anderson, multifamily syndication, Los Angeles multifamily, Taylor Avakian, Amber Capital, real estate syndication, rent control, RSO, Section 8, Miracle Terrace, Blackstone, CityView, cap rates, multifamily investing, LA real estate, Sequoia Real Estate Partners, expert witness, industrial real estate, housing policy, Sun Belt apartments, 2026Subscribe and Stay Ahead! Stay informed and empowered in the multifamily real estate market. Subscribe to the channel for exclusive insights, rental updates, and expert analyses on the Los Angeles market.🔔 Don’t miss out on the latest trends and tips to maximize your property's potential: https://www.youtube.com/c/TaylorAvakian📈 Connect with me:Website: https://www.thegroupcre.com/Email: [email protected]: https://x.com/TAYVAY_LinkedIn: https://www.linkedin.com/in/tayloravakian/

Austin Nissly of LWK Partners on how he went from Citi and CIM Group to building an LA multifamily private equity firm, pairing value-add apartments with ADU density, and deploying capital in a tighter Los Angeles market.Taylor Avakian sits down with Austin on No Vacancy to cover the first $1 million building, raising from friends and family, why he stopped operating solo, how LWK Partners came together with complementary ops and acquisitions partners, and how new California density rules changed what they could underwrite. They talk yield on cost versus cap rates, programmatic equity versus raising deal by deal, quiet distress after five-year fixed debt rolls, rent-control renovations when the rental market is soft, and how AI is being used for OM intake, deal tracking, and sourcing.00:00 $100 million in twelve months 00:47 Welcome to No Vacancy 01:19 From Pittsburgh, Citi, and CIM Group to LA 03:17 The first million-dollar building 05:35 Cash flow versus the value-add pitch 06:25 What CIM taught about partnership 08:05 Finding partners and forming LWK 11:19 Business model and ADU density thesis 15:30 Yield on cost and the buy box 16:23 Institutional capital and how deals get approved 20:25 Los Angeles pricing from 14x gross to 9–10x 25:42 Selling pressure, quiet distress, and catalysts 30:39 Competitive spirit and leadership in LA 31:47 Unit turns, amenities, and renter demand 33:35 Scaling toward institutional PE 36:45 Why scale matters in a regulated market 39:02 AI for underwriting, tracking, and sourcing 47:38 WrapKeywords:Austin Nissly, LWK Partners, Taylor Avakian, No Vacancy podcast, Los Angeles multifamily, LA apartments, commercial real estate, real estate private equity, ADU development California, value add multifamily, CIM Group, Keystone Investors, yield on cost, rent control LA, workforce housing LA, apartment investing Los Angeles, institutional capital real estate, multifamily renovations, CRE podcast, Southern California real estate

Land use attorney Dave Rand on California housing law, builder’s remedy, CEQA, Measure ULA, and why Los Angeles keeps making new housing harder even as the state rewrites the rules. Taylor Avakian sits down with Dave Rand of Rand Paster & Nelson LLP, a land-use attorney who has helped entitle thousands of market-rate and affordable units across Southern California.They talk through the reality of developing in Los Angeles and California today: unions and local politics, the Santa Monica and Beverly Hills builder’s remedy fights, SB 330 vesting, CEQA reform, ED1, starter-home laws like SB 9 and SB 1123, transfer taxes, and why streamlining does not help if the numbers still do not pencil.Sponsor - Real Property CaptiveThis episode is sponsored by Real Property Captive, insurance for owners, by owners. RPC members own equity in their insurance company, buy reinsurance at bulk rates, keep unused premium, and cut property insurance rates by up to 35%. Captives insure roughly 90% of the Fortune 500 & the largest institutional real estate owners. Learn more at https://www.rpcaptive.com/?utm_source=novacancy&utm_medium=podcast&utm_campaign=novacancy-2026-07.Sponsor - Loan TitanAchieve your real estate goals through tailored financing solutions withhttps://loantitan.com/00:00 Why public process is stalling housing01:09 Welcome02:08 Can you still make money building in Los Angeles04:05 Why LA keeps shooting itself in the foot05:30 How unions shape housing policy09:17 Santa Monica builder’s remedy filings18:20 Housing laws since 201922:31 Why California construction costs more27:07 Opportunities in starter-home projects30:22 Entitling land versus building31:29 How development may change over the next decade35:19 Beverly Hills builder’s remedy battles40:33 The risk developers actually take43:12 Transfer taxes and closed-door policy fights48:04 ED1 and 100% affordable streamlining54:26 Pay-to-play vs state housing overrides56:25 State housing boards and appointments59:25 If you could rewrite California land-use law01:05:08 Advice for future developers01:06:55 Closing thoughts on NIMBYism and housing politics#californiahousingmarket #BuildersRemedy #LosAngelesRealEstate #LandUse #CEQA #Multifamily #AffordableHousing #SB330 #ULA #NoVacancyKeywords: California housing, builder's remedy, Dave Rand, Taylor Avakian, No Vacancy podcast, Los Angeles real estate, land use attorney, CEQA reform, Measure ULA, SB 330, Housing Crisis Act, SB 1123, starter home revitalization, SB 9, ED1, Karen Bass, Santa Monica housing, Beverly Hills development, Neil Shekhter, Leo Pustilnikov, Buffy Wicks, Gavin Newsom, Rob Bonta, HCD, Housing Accountability Act, density bonus, transfer tax, multifamily development, RHNA, housing element, NIMBY, YIMBY, California housing crisis, entitlements, affordable housing, Rand Paster NelsonSubscribe and Stay Ahead! Stay informed and empowered in the multifamily real estate market. Subscribe to the channel for exclusive insights, rental updates, and expert analyses on the Los Angeles market.🔔 Don’t miss out on the latest trends and tips to maximize your property's potential: https://www.youtube.com/c/TaylorAvakian📈 Connect with me:Website: https://www.thegroupcre.com/Email: [email protected]: https://x.com/TAYVAY_LinkedIn: https://www.linkedin.com/in/tayloravakian/

*John Ward of Turnstone Capital joins Taylor Avakian on the No Vacancy podcast for a deep conversation on decades in multifamily real estate, from early loan officer days to building and managing apartment portfolios across California, Arizona, Texas, and Colorado.*John shares how he got started in the late 1970s, moved from FHA lending into flipping and converting small multifamily properties, navigated market cycles including the Global Financial Crisis, and scaled through high-net-worth investors, hard money, and institutional partners. The discussion covers finding inefficiencies in the market, relationship-driven dealmaking, current opportunities around ADUs in California (including a patent-pending elevated parking solution called Skybox), views on the Southern California multifamily landscape, working with international capital, and practical uses of AI tools for sourcing, analysis, and operations.Sponsor - Real Property CaptiveThis episode is sponsored by Real Property Captive, insurance for owners, by owners. RPC members own equity in their insurance company, buy reinsurance at bulk rates, keep unused premium, and cut property insurance rates by up to 35%. Captives insure roughly 90% of the Fortune 500 & the largest institutional real estate owners. Learn more at https://www.rpcaptive.com/?utm_source=novacancy&utm_medium=podcast&utm_campaign=novacancy-2026-07.Sponsor - Loan TitanAchieve your real estate goals through tailored financing solutions withhttps://loantitan.com/00:00 – Opening and company overview 02:03 – Welcome and introduction 02:37 – Turnstone Capital portfolio today 03:24 – Starting out as a loan officer in 1979 06:32 – Moving into flips and South Central deals 09:16 – Forming the first Turnstone and converting 5–9 unit buildings 13:33 – First larger apartment and shift to holding 15:50 – Early capital structures and hard money 17:08 – Pre-GFC activity and land deals 19:13 – Navigating the Global Financial Crisis 21:16 – Post-crisis single-family aggregation with Tricon and Colony 24:29 – Returning to small multifamily acquisitions 25:17 – Scaling with high-net-worth and structured capital 28:16 – 2018 growth and investor expansion 28:31 – When passive income covered the lifestyle 30:06 – Mindset around work, deals, “retirement” 34:23 – Building relationships and people skills 37:08 – Moving from friends-and-family to institutional capital 41:12 – Current opportunities and the ADU angle 45:14 – Skybox elevated ADU concept for parking 50:26 – Views on California multifamily headwinds 52:38 – Advice for younger investors considering California 57:00 – Working with international (Japanese) capital 01:02:22 – How the team uses AI today 01:08:07 – Finding inefficiencies and what’s next 01:10:35 – The FHA down-payment program story 01:14:05 – ClosingKeywords:John Ward, Turnstone Capital, Taylor Avakian, No Vacancy podcast, multifamily real estate, apartment investing, California multifamily, ADU California, real estate investing, value add multifamily, SoCal apartments, real estate syndication, hard money lending, institutional capital, Japanese real estate investors, AI in real estate, property management, real estate career, flipping apartments, passive income real estateStay informed and empowered in the multifamily real estate market. Subscribe to the channel for exclusive insights, rental updates, and expert analyses on the Los Angeles market.🔔 Don’t miss out on the latest trends and tips to maximize your property's potential: https://www.youtube.com/c/TaylorAvakian📈 Connect with me:Website: https://www.thegroupcre.com/Email: [email protected]: https://x.com/TAYVAY_LinkedIn: https://www.linkedin.com/in/tayloravakian/#LosAngelesRealEstate #MultifamilyBroker #LandlordTips #RealEstateInvesting #PropertyManagement #TenantScreening #RentalMarket #LosAngelesApartments #RealEstateStrategy #TaylorAvakian #ApartmentOwner

*26-year-old Shant Samuelian is building $300M+ in large-family affordable housing projects across Los Angeles through Samuelian Group.*In this episode of No Vacancy, Taylor Avakian sits down with the founder and CEO of Samuelian Group to unpack how a USC real estate development graduate moved from market-rate multifamily into LIHTC-driven affordable housing, why he focuses on 2- and 3-bedroom family units with parking instead of studios, and what it actually takes to win tax credits, raise equity, permit, and deliver projects in one of the country’s most complex markets.They cover the realities of 4% and 9% Low-Income Housing Tax Credits, project scoring and readiness deadlines, JV structures with nonprofits, the capital stack, how developers get paid through fees and long-term economics, CRA-driven tax credit investors, recent federal and California policy shifts, and the day-to-day problem-solving required on the ground. Samuelian also shares lessons on data-driven decision making, building a lean team that leverages AI for operational efficiency, and the long-term mission of adding quality supply in high-resource areas.Sponsor - Real Property CaptiveThis episode is sponsored by Real Property Captive, insurance for owners, by owners. RPC members own equity in their insurance company, buy reinsurance at bulk rates, keep unused premium, and cut property insurance rates by up to 35%. Captives insure roughly 90% of the Fortune 500 & the largest institutional real estate owners. Learn more at https://www.rpcaptive.com/?utm_source=novacancy&utm_medium=podcast&utm_campaign=novacancy-2026-07.Sponsor - Loan TitanAchieve your real estate goals through tailored financing solutions withhttps://loantitan.com/*Chapters*0:00 – Intro and Shant’s background 1:56 – Path into affordable housing and leaving a large developer 5:54 – Preparing to launch Samuelian Group 7:01 – Thesis: large-family housing vs. studios 9:49 – Early capital, risk, and partners 13:06 – What makes a smart developer 16:05 – How LIHTC (4% and 9% tax credits) works 22:55 – Scoring applications and site selection 27:21 – The readiness deadline and permit scramble 37:05 – Silver Lake project and deal economics 47:07 – Long-term vision and impact 50:01 – How affordable housing developers make money 54:59 – Tax credit investors and CRA needs 57:45 – Policy changes at federal, state, and city levels 1:00:25 – Stress of the first tax credit award 1:02:22 – Advice for aspiring developers 1:04:30 – Using AI on a small team 1:09:41 – What’s next for Samuelian Group Keywords: Shant Samuelian, Samuelian Group, affordable housing, LIHTC, Low Income Housing Tax Credits, 4% tax credits, 9% tax credits, Los Angeles real estate, multifamily development, large family housing, tax credit equity, CRA banking, Silver Lake Flats, Taylor Avakian, No Vacancy podcast, real estate development, California housing, USC real estate, young developer, housing policySubscribe and Stay Ahead! Stay informed and empowered in the multifamily real estate market. Subscribe to the channel for exclusive insights, rental updates, and expert analyses on the Los Angeles market.🔔 Don’t miss out on the latest trends and tips to maximize your property's potential: https://www.youtube.com/c/TaylorAvakian📈 Connect with me:Website: https://www.thegroupcre.com/Email: [email protected]: https://x.com/TAYVAY_LinkedIn: https://www.linkedin.com/in/tayloravakian/#LosAngeles #podcast #commercialrealestate

Sean Burton, co-founder and CEO of Cityview, joins Taylor Avakian on the No Vacancy podcast for a deep conversation on scaling a vertically integrated multifamily firm, navigating cycles from the Great Financial Crisis through COVID, and the realities of investing and developing housing across the Western U.S. and beyond.They cover Cityview’s origins in 2003 with a focus on infill housing, the decision to vertically integrate development, construction, and property management, how the firm balances value-add acquisitions and ground-up development based on market conditions, and the data-driven approach to selecting supply-constrained markets with strong job and population growth. The discussion also addresses Los Angeles’s current investment climate, the impact of local policies on new housing supply, what creates compelling opportunities in today’s interest-rate environment, and practical insights on capital structures, partnerships, relationships, and long-term thinking in real estate.This episode offers a clear look at how one of the more active multifamily operators approaches strategy, risk, and opportunity in a complex market.Sponsor - Real Property CaptiveLeverage the insurance framework used by 90%+ of Fortune 500 companies withhttps://www.rpcaptive.com/Sponsor - Loan TitanAchieve your real estate goals through tailored financing solutions withhttps://loantitan.com/00:00 – Early capital growth and firm scale01:47 – Formal introduction and Cityview overview02:51 – Path from law, politics, and Warner Bros into real estate04:13 – Founding thesis and focus on infill multifamily06:20 – Early capital structure and becoming an operator07:29 – Taking the leap and early risk11:01 – Fee structures, promote, and alignment with investors14:11 – Expanding beyond California and cycling between value-add and development17:32 – Roles within the founding partnership19:35 – What makes a strong capital raise pitch23:47 – Sourcing deals, broker relationships, and avoiding marketed auctions26:20 – Downtown LA recovery and public safety28:41 – LA’s investment narrative and political risk33:32 – Why current pricing creates a strong vintage36:35 – Yield-on-cost targets and development premiums38:54 – Measure ULA and its effect on new housing46:01 – Markets with strong demand and supply constraints50:22 – Staying focused exclusively on multifamily51:25 – Building genuine long-term relationships53:33 – Advice for someone starting out today55:45 – Handling losses and portfolio diversification57:08 – Choosing the right partners58:28 – Mentorship that shaped a career of consistent executionKeywords: Sean Burton, Cityview, multifamily real estate, commercial real estate, LA multifamily, housing crisis, Measure ULA, value-add multifamily, ground up development, real estate private equity, Taylor Avakian, No Vacancy podcast, apartment investing, supply constrained markets, West Coast real estate, real estate entrepreneurship, capital raising, real estate partnershipsSubscribe and Stay Ahead! Stay informed and empowered in the multifamily real estate market. Subscribe to the channel for exclusive insights, rental updates, and expert analyses on the Los Angeles market.🔔 Don’t miss out on the latest trends and tips to maximize your property's potential: https://www.youtube.com/c/TaylorAvakian📈 Connect with me:Website: https://www.thegroupcre.com/Email: [email protected]: https://x.com/TAYVAY_LinkedIn: https://www.linkedin.com/in/tayloravakian/