Investors are expected to buy more than $10 billion in multifamily properties in Los Angeles this year. : The apartment business has split the city of Los Angles into two very different parts. “It’s a tale of two cities,” says Steve Basham, senior market analyst in the San Diego office of research firm the CoStar Group. In Downtown Los Angeles, apartment developers are opening thousands of new luxury units in high-rise towers. Property managers now have to offer steep concessions to attract potential renters. “It seems like there is a new tower opening every month,” says Basham.