How He Became The #1 Multifamily Developer In LA

Sean Burton, co-founder and CEO of Cityview, joins Taylor Avakian on the No Vacancy podcast for a deep conversation on scaling a vertically integrated multifamily firm, navigating cycles from the Great Financial Crisis through COVID, and the realities of investing and developing housing across the Western U.S. and beyond.They cover Cityview’s origins in 2003 with a focus on infill housing, the decision to vertically integrate development, construction, and property management, how the firm balances value-add acquisitions and ground-up development based on market conditions, and the data-driven approach to selecting supply-constrained markets with strong job and population growth. The discussion also addresses Los Angeles’s current investment climate, the impact of local policies on new housing supply, what creates compelling opportunities in today’s interest-rate environment, and practical insights on capital structures, partnerships, relationships, and long-term thinking in real estate.This episode offers a clear look at how one of the more active multifamily operators approaches strategy, risk, and opportunity in a complex market.Sponsor - Real Property CaptiveLeverage the insurance framework used by 90%+ of Fortune 500 companies withhttps://www.rpcaptive.com/Sponsor - Loan TitanAchieve your real estate goals through tailored financing solutions withhttps://loantitan.com/00:00 – Early capital growth and firm scale01:47 – Formal introduction and Cityview overview02:51 – Path from law, politics, and Warner Bros into real estate04:13 – Founding thesis and focus on infill multifamily06:20 – Early capital structure and becoming an operator07:29 – Taking the leap and early risk11:01 – Fee structures, promote, and alignment with investors14:11 – Expanding beyond California and cycling between value-add and development17:32 – Roles within the founding partnership19:35 – What makes a strong capital raise pitch23:47 – Sourcing deals, broker relationships, and avoiding marketed auctions26:20 – Downtown LA recovery and public safety28:41 – LA’s investment narrative and political risk33:32 – Why current pricing creates a strong vintage36:35 – Yield-on-cost targets and development premiums38:54 – Measure ULA and its effect on new housing46:01 – Markets with strong demand and supply constraints50:22 – Staying focused exclusively on multifamily51:25 – Building genuine long-term relationships53:33 – Advice for someone starting out today55:45 – Handling losses and portfolio diversification57:08 – Choosing the right partners58:28 – Mentorship that shaped a career of consistent executionKeywords: Sean Burton, Cityview, multifamily real estate, commercial real estate, LA multifamily, housing crisis, Measure ULA, value-add multifamily, ground up development, real estate private equity, Taylor Avakian, No Vacancy podcast, apartment investing, supply constrained markets, West Coast real estate, real estate entrepreneurship, capital raising, real estate partnershipsSubscribe and Stay Ahead! Stay informed and empowered in the multifamily real estate market. Subscribe to the channel for exclusive insights, rental updates, and expert analyses on the Los Angeles market.🔔 Don’t miss out on the latest trends and tips to maximize your property's potential: https://www.youtube.com/c/TaylorAvakian📈 Connect with me:Website: https://www.thegroupcre.com/Email: [email protected]: https://x.com/TAYVAY_LinkedIn: https://www.linkedin.com/in/tayloravakian/