Adam Christofferson, Marcus & Millichap
Adam Christofferson
Senior vice president and division manager for Southern California at Marcus & Millichap
When not managing 350 brokers and loan originators across 10 offices, Adam Christofferson likes to relax with a good game of golf.
Christofferson oversees Marcus & Milichap’s offices in Southern California, Nevada, Utah and Idaho, and has led the opening of several offices in Southern California, after joining the firm in 1997 as a sales assistant.
The multifamily market has been hotter than a Los Angeles summer, seeing unprecedented demand after the initial few months of the coronavirus pandemic.
“In Southern California … multifamily has been particularly strong,” Christofferson said. “Even amongst a lot of the challenges that the pandemic brought upon us, the demand from investors for multifamily product has remained very, very high.”
On the multifamily side, Marcus & Milichap worked on eight deals in 2021 with price tags above $100 million. Those deals included a 214-unit property dubbed Elan Huntington Beach, which sold for $134 million in August and Prime Residential’s purchase of two adjacent communities, Playa Pacifica and The Gallery, in a $275 million deal this summer.
The firm also this year brokered the sale of a 162-unit multifamily portfolio in Redding, Calif., to OSM Investment Company for $17 million and a 29-apartment portfolio in San Francisco for $14.6 million. Even smaller properties, like a 13-unit apartment building in Oakland that Marcus & Millichap (MMI) brokered for just over $5 million, are gaining traction.
Looking into 2022, Christofferson is keeping an eye on interest rates, with the expectation that they will increase next year. He’s also keeping an eye on inflation, which might drive additional investment as real estate tends to hedge against it.
“The interest rates are going to increase in 2022. To what degree and to what level, obviously, nobody knows,” Christofferson said. “Everyone’s modeling ahead and trying to figure out how it’s going to affect their investment strategies.” — C.Y.
