With 5 properties, in strategically devised locations, this market accounts for 5% of our current management portfolio. California is ranked #1 in tech market affordability and #4 best US economy for business, employment, and growth in 2019. 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.