Units: 21 · Sale price: $14,725,000 · Price per unit: $701,190 · Closed: January 2016
A 21-unit mid-size multifamily property at 10640 Woodbridge St in Toluca Lake, sold January 2016 for $14,725,000 — approximately $701,190 per unit.
2016 was mid-cycle for LA multifamily. Cap rates had compressed meaningfully from post-2008 highs. Pricing was strong across stabilized inventory.
Toluca Lake is a small, stable Valley submarket. Buildings transact infrequently but pricing holds when they do.
Mid-size multifamily in this unit range attracts both private investors and smaller institutional buyers, particularly on value-add theses.
This transaction is part of the Sterman Multifamily Group closed archive — $1.41 billion across 254 closed transactions over fourteen years at Marcus & Millichap.
Michael Sterman, Senior Managing Director Investments at Marcus & Millichap.
$1.41 billion across 254 closed transactions.
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