Urban Redevelopment Benefiting Multifamily Housing Developers, Ocean Development

By Author: Gavin Cameron
Total Articles: 6
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After the housing crisis, many Americans began leaving the suburbs in favor of shorter commutes and affordable rental housing. And, thanks to urban redevelopment focused on making commutes easier and providing for basic needs like food and shopping, these new inner-city residents are increasingly finding what they need.


Because of tighter loan requirement, rising fuel prices, and other factors, cities are becoming more and more popular. Even in cities like Detroit, which has long been criticized for urban decay, inner-city populations have grown around redeveloped commercial and residential property, as well as improved public transportation.


Ocean Development, which is owned Kip C Cyprus and his wife and company President Amy Cyprus, has been reaping the benefits as one of the Los Angeles area's most prolific housing developers. Los Angeles, which covers 60 square miles and holds more than 880,000 people, is in a constant state of redevelopment, according to Kip Cyprus. Through projects like the $19.2 billion development for the Los Angeles Unified School District, the city is continuously ...
... adding newer, more modern facilities to help meet the needs of its growing population.


With a focus on quality, low-income housing that meets the U.S. Department of Housing and Urban Development's Section 8 requirements, Ocean Development, and sister company Ocean Properties, now manages 300 properties with more than 700 total units. With strong financials, and a proven, full-service investment service, Ocean Development is providing investors with a smart way to invest in the growing multifamily housing market, without the hassle of managing property.


According to Kip Cyprus, who has been developing and managing rental property for private investors in the Los Angeles area for many years, Ocean Development's boutique investment service is a great "hands off" approach to investing that ensures accountability by retaining an equity stake for the developer/property manager. It is a good way to make sure the property manager knows the property - since they built it - and that they have an interest in the upkeep and long term profitability of the property.


Additionally, Ocean Development's focus on quality has given them a sound reputation in the local rental market, which is full of Section 8 properties that barely meet minimum requirements. When Kip and Amy Cyprus were married in 1991, they earned money buying, renovating, and selling properties for profit. During that time, they learned that quality and energy efficiency are vital to desirable property, even low-income property. And, little has changed, since.


Gavin Cameron loves writing on real estate matters, professionals associated with real estate, real estate development companies etc. He is now writing about Ocean Development, Inc. a real estate development company, which develops, constructs, owns, and sells residential housing units.