Units: 48 · Sale price: $4,060,000 · Price per unit: $84,583 · Closed: June 2014
A 48-unit larger multifamily property at 1230 N Berendo St in Los Angeles, sold June 2014 for $4,060,000 — approximately $84,583 per unit.
2014 was an active year for LA multifamily — deepening buyer pool, increasing transaction volume, cap rates compressing steadily in core submarkets.
Core LA metropolitan area multifamily — specific submarket varies; common LA City RSO regulatory profile on pre-1978 inventory.
Larger multifamily at this scale draws institutional and private equity capital with deeper underwriting processes and longer hold horizons.
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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