Los-Angeles based developer CityView raised a $150 million fund to add more developments to their West Coast portfolio. San Francisco Business Times reporter Bianca Torres reports on the developer which already boasts 2,000 Bay Area apartments.
CityView CEO Sean Burton saw the population and job growth in the area as indicators that the company should create more multifamily inventory. The company plans to continue adding to this growing job market which is seeing an influx of millennials that rent longer and want to live closer to their jobs. However, they aren't the only developers in the market which leads to some challenges:
“We’re continuing to look for new sites that make sense,” Tony Cardoza, managing director for development firm CityView, said during a recent interview with the Business Times. “There is opportunity; it’s just more expensive. We’re finding opportunities more challenging than they used to be.”