
No Vacancy with Taylor Avakian
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 Captive Leverage the insurance framework used by 90%+ of Fortune 500 companies with https://www.rpcaptive.com/ Sponsor - Loan Titan Achieve your real estate goals through tailored financing solutions with https://loantitan.com/ 00:00 – Early capital growth and firm scale 01:47 – Formal introduction and Cityview overview 02:51 – Path from law, politics, and Warner Bros into real estate 04:13 – Founding thesis and focus on infill multifamily 06:20 – Early capital structure and becoming an operator 07:29 – Taking the leap and early risk 11:01 – Fee structures, promote, and alignment with investors 14:11 – Expanding beyond California and cycling between value-add and development 17:32 – Roles within the founding partnership 19:35 – What makes a strong capital raise pitch 23:47 – Sourcing deals, broker relationships, and avoiding marketed auctions 26:20 – Downtown LA recovery and public safety 28:41 – LA’s investment narrative and political risk 33:32 – Why current pricing creates a strong vintage 36:35 – Yield-on-cost targets and development premiums 38:54 – Measure ULA and its effect on new housing 46:01 – Markets with strong demand and supply constraints 50:22 – Staying focused exclusively on multifamily 51:25 – Building genuine long-term relationships 53:33 – Advice for someone starting out today 55:45 – Handling losses and portfolio diversification 57:08 – Choosing the right partners 58:28 – Mentorship that shaped a career of consistent execution Keywords: 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 partnerships Subscribe 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: taylor@thegroupcre.com X: https://x.com/TAYVAY_ LinkedIn: https://www.linkedin.com/in/tayloravakian/

