JLL’s Capital Markets group is moving San Francisco-based Peter Yorck to Los Angeles to beef up its multifamily operations.
Yorck was appointed a managing director in L.A. and will lead JLL’s multifamily efforts on the West Coast together with Orange County-based Sean Deasy and San Francisco-based Charles Halladay.
All three of them joined JLL through the firm’s acquisition of HFF last year. The acquisition was an effort to boost JLL’s capital markets business and saw HFF effectively take over JLL’s capital markets group.
That turned out to be a somewhat rocky process that saw some JLL teams depart the company.
Kevin MacKenzie, an executive managing director for JLL’s West Coast capital markets operation, said that “during these unprecedented times, we are taking the opportunity to upgrade our talent where needed,” suggesting the firm sees opportunities in L.A.
He added that Yorck’s move to L.A. expands JLL’s West Coast platform and “[moves] the need in a core market for our multi-family platform.”
Yorck joined HFF in 2015 after five years in the U.S. Army. He’s been involved in around $4 billion worth of transactions in his career, according to JLL.
JLL is competing with Marcus & Millichap, CBRE, Cushman & Wakefield and others in L.A.’s multifamily market, which appears to be softening. According to Kidder Mathews’ second quarter report, the vacancy rate increased to 5.4 percent in the second quarter, average asking rents fell slightly, and the average price per unit fell 12 percent to $275,000 from about $311,000 year-over-year. Cap rates held steady at about 4.4 percent.