Rene Nelson Recommended Read

America’s move westward has been extensively written about, but this is about investors moving their focus toward the west coast. So why is that happening?

On the back of an announcement by Monday Properties that they are opening a west coast office and installing a new partner, GlobeSt interviewed the firm’s CEO and new partner to learn more.

Investors Want To Be On The West Coast

Monday Properties CEO Anthony Westreich notes that the firm has “…historically focused on the gateway markets on the East Coast, owning and operating multifamily.” Westreich continues:

We view real estate as a local game, and in order for us to have success in markets that we decide to invest in and to make sure that we are the right stewards of capital for our investors, we need to have boots on the ground. We have always viewed an expansion West as a possibility, but we really wanted to find the right person and make sure the timing was right.

New partner Philip Cyburt adds that:

There are huge opportunities here on the West Coast. A great example is the Playa Vista market. Who would have thought that market would be at the rents that it is at today in both multifamily and office. There is really an opportunity for people to get in there and still get an opportunistic yield.

Sharing his strategy for the market, Cyburt says:

Our focus is going to be on office and multifamily, and, with my background in hospitality, we will look at select opportunities in the hospitality space. I think each asset class has a different rhythm and a different cycle.

Asked if he had any concerns about entering the market “this late in the cycle and with a new presidential administration in office”, Westreich admits that:

There is a lot of uncertainty in the marketplace. I think that the biggest issue that investors are facing today is that everyone realizes that the real estate cycle tends to go in bull and bear markets and we are seven to nine years into a bull market, which suggests that a correction is afoot.

The takeaway is that there remains opportunity for investors to make money, and even the largest of firms continue to pursue those investors.

If your investment plans included multifamily or commercial properties in the Eugene, make sure you benefit from the local knowledge of René Nelson and the team at Pacwest Commercial Real Estate. Call René or visit eugene-commercial.com today!