Los Angeles-based multifamily investment management and development firm Cityview has promoted Damian Gancman, previously chief operating officer and CFO, to chief investment officer.
In his expanded role, Gancman, who has been with Cityview for 19 years, will oversee the operations of the company and its investments, focus on unifying its investment and asset management strategy and support its growth as it pursues acquisition, development and entitlement opportunities.
The promotion comes during an especially active period for Cityview. Its most recent transactions include:
- The closing of its seventh discretionary fund.
- The acquisitions of Silva, a 221-unit property in Los Angeles’ Silver Lake neighborhood, and Tralee Village, a 130-unit property in Dublin, California.
- Two recap transactions with a total of 11 assets.
- The sale of Elan Mountain View, a 164-unit property in Mountain View, California.
“We see the current market as the best multifamily buying opportunity since the Great Financial Crisis, and Damian is the perfect fit to help us expand our acquisition resources, capitalize on present opportunities and oversee our investments,” said Sean Burton, CEO of Cityview, in the news release. “The current distress and dislocation in real estate has been primarily caused by disruption in the capital markets and high interest rates, not the fundamentals of real estate or multifamily, which is why we’re both very active and highly selective in pursuing opportunities that allow us to acquire assets well below replacement cost.”
As COO and CFO, Gancman oversaw management, property management and accounting. He helped create the company’s Opportunity Zone fund platform, as well as its property management division and the buildout of its finance and capital markets teams. He is also a member of the firm’s investment committee.
“We believe 2024 and 2025 will be strong vintage years, and I look forward to working with the Cityview team to capitalize on opportunities in the current market, expand our relationships with joint venture partners and strategically deploy capital from our latest fund,” said Gancman in the release.
