Next week, Connect Real Estate Los Angeles is on tap featuring a jam-packed afternoon of conversations, networking and presentations. There’s still time to register for the March 27th conference at this link.
We asked Jamison’s Jaime Lee to share her development and investment insights on the Los Angeles market in our latest 3 CRE Q&A. She will be speaking on a panel titled: Buy, Build, Sell, or Hold: Investment & Development Insights.
Q: What is your investment and development strategy for 2018, and how has that changed over the past few years?
A: 2018 is a huge and exciting year for us. While we have historically been a commercial office landlord, we are delivering seven new multifamily development projects this year alone, totaling 1,700 units, including our first five ground-up projects. This will bring our total multifamily unit count to more than 2,000 residential units, making Jamison a solid player in the Los Angeles multifamily market. This is a significant year for us as we prove up our development model and track absorption. At the same time, we are only just ramping up our development pipeline with eight more projects under construction that will deliver next year, and we hope to continue at a pace of about five starts per year moving forward.
Q: What is driving investment and development decisions in Los Angeles today?
A: There are a multitude of factors affecting investment decisions today. Developers have to weigh strong demand, rising rents, and our critical need for housing, against the concerning factors of rising construction costs, slowdown of absorption in both residential and commercial space, zoning and approval issues, the high pricing of assets, and the approaching end of a very protracted economic cycle.
Q: What are some examples of Jamison Properties’ projects or investments that reflect that strategy?
A: Our first two multifamily developments were adaptive reuse conversions, The Westmore and The Abbey, both located in Koreatown. Both projects are designed with the millennial young professional in mind, with more modern amenities and features than existed in this submarket before. However, they attracted tenants far beyond that initial target demographic, including families and downsizing empty-nesters. Both leased up within four months at higher than expected rents, and really demonstrated that we could bring desirable residential product to the market while also removing office square footage, thus supplementing our existing commercial portfolio.
For comments, questions or concerns, please contact Dennis Kaiser
Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services.
In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company.
In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix.
Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator.
Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements.
Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.