Units: 29 · Sale price: $6,520,000 · Price per unit: $224,827 · Closed: December 2013
A 29-unit mid-size multifamily property at 11307 Morrison St in North Hollywood, sold December 2013 for $6,520,000 — approximately $224,827 per unit.
2013 was early in the sustained LA multifamily expansion that would run through 2022. Transaction activity was climbing; buyer pool was broadening quarter over quarter.
North Hollywood has seen elevated new construction activity in recent years, creating a mixed age profile that buyers underwrite carefully by vintage.
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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