Who buys multifamilies in Los Angeles (Santa Monica, etc)?

[Amy Wunderlich]

Hi all!

I live in Santa Monica, a city where cap rates are typically under 5%, so my strategy is to invest out-of-state. However, I recently got my RE license and want to start working with LA investors but WHO are buying these low cap rates? Certainly someone is but what is their profile? Seeking appreciation?

Thanks for the insight everyone!
Amy