With 5 properties, in strategically devised locations, this market accounts for 5% of our current management portfolio. California’s rate of job growth ranks third compared to other states and has outpaced national trends in 2021. The past decade for L.A. has been characterized by high prices (finishing at $292,700/unit) and low cap rates (falling from 5.6% to 4.6%), with both trailing only Manhattan among the top markets in recent years.