Implementing Test Rehab Units Is Critical
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Oxnard and Ventura are making a big comeback, says Owen.
TruAmerica recently entered new markets in Las Vegas, Portland and Salt Lake City so GlobeSt.com took a moment to chat with the firm’s COO, Lynn Owen about which markets she believes has the best value add opportunities, and why studying the market is so important when considering a potential rehab project. Owen was recently among the top SoCal Women featured in Real Estate Forum.
GlobeSt.com: Lynn, TruAmerica is one of the most active buyers of multifamily properties in the United States. Which Southern California markets do you believe have the best value add opportunities?
Lynn Owen: Yes, we are an active value add buyer, acquiring class B or better properties where we can add value through thoughtful renovation and/or by improved operating performance and still fulfill our mission to provide affordable, quality workforce housing. Our targets are typically near major employment centers and key transportation routes in core Western US markets. Currently, we like North San Diego County, the hot markets of Marina del Rey and Playa Vista, as well as Koreatown, where we have had huge success with The Vermont, our 464 unit new construction high-rise we purchased in joint venture with Capri Capital. Also making a big comeback are Oxnard and Ventura. ..
