Cityview opens NYC office, eyes East Coast expansion
Firm targets Boston, Orlando and Atlanta for future developments.
Cityview focuses on affordable housing for people with regular jobs.
Cityview, a real estate investor based in Los Angeles, has opened an office in New York City, beginning its expansion on the East Coast.
The office, located at 300 Park Ave., marks Cityview's move beyond its existing Western and Southwestern markets in the U.S. Founded in 2003, the company is the most active multifamily developer in Los Angeles County, according to the Los Angeles Business Journal, and the fourth most active developer across all property types there.
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The firm said it has invested nearly $6.5 billion in more than 150 projects to date.
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Sean Burton, Cityview's chairman and CEO, and Christoph Donner, Cityview's principal and global head of capital development and strategy.
Cityview
But as of now, Cityview does not plan to develop properties in New York City's five boroughs, according to Christoph Donner, Cityview's principal and global head of capital development and strategy, who will lead East Coast operations for the company.
'New York is really only our office,' Donner told the New York Business Journal. 'As we are expanding, and expanding our capital resources, New York is a good place to cover the East Coast.'
Though not developing in New York City, Donner explained how the new office will be a gateway to East Coast capital and new markets, such as Boston and Atlanta.
New York is where the capital is
Donner has extensive career experience in New York City, where he has lived for the past 20 years.
Before joining Cityview in January, Donner was CEO of America PIMCO Prime Real Estate LLC (formerly Allianz Real Estate of America LLC). Based out of the Big Apple, Donner tripled U.S. real estate assets, expanded operations and grew the firm's New York platform during his 10 years at the company.
'I know these markets well,' Donner told the New York Business Journal.
However, New York City is not 'currently on Cityview's list' since 'it's a very competitive, very local market,' he said. In the city 'the sheer deal sizes are very large, and I think we have better opportunities in these other markets.'
There are still benefits to being based out of the city. New York is where the majority of the capital for real estate in the country is, said Donner, making it the perfect location to begin expanding Cityview's East Coast operations.
'A lot of national and international real estate players are based in New York,' said Donner.
In the future, Cityview 'will probably have other locations within the East Coast market,' he added, and there will be physical representatives in those cities.
Expanding into other East Coast markets
To identify top East Coast markets to develop in, Cityview partnered with RCLCO Real Estate Consulting to conduct a data-driven analysis of 40 of the largest U.S. metropolitan statistical areas, according to Donner.
The research sought to identify where Cityview could best grow its multifamily investments. Using more than 50 variables based on 'historical performance, current fundamentals and forward-looking economic forecasts,' the study identified key areas for Cityview's future, according to a statement.
Those cities include Boston, Orlando, Florida and Atlanta as top investment regions, followed by Raleigh, North Carolina, and Charleston, South Carolina, in the near future.
Boston's high level of employment and access to educational opportunities create a stable foundation for demand with low volatility levels, the study found. Additionally, Orlando and Atlanta showed stable demand fundamentals and strong business environments.
'If you don't like to travel, you shouldn't be in real estate,' said Donner, emphasizing Cityview's focus on building relationships in target cities.
'I was in Atlanta yesterday; I was in Orlando two weeks ago; I was in Boston,' he said. 'These are local markets. You have to respect the local customs. You can do a good amount of work from the outside, but you have to understand your fundamentals.'
As Cityview expands, the types of properties it develops will remain consistent with its existing portfolio, he added.
'We're not targeting the high-end market,' he said. 'We're looking for properties that are at a price point where people with regular jobs can afford to live.'
Expanding to the East Coast means learning each city and its quirks.
'Every market has different nuances — some have a different tax regime. Insurance is a big topic for Florida, for example,' said Donner. 'Every market is different, every location is different, every building is different.'
Still, Cityview's mission of 'changing cities into communities, people into neighbors and houses into homes' is at the core of his work.
'We're creating an environment where people want to live and build the community,' said Donner. 'And we're part of the community.'
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