Units: 52 · Sale price: $6,800,000 · Price per unit: $130,769 · Closed: December 2012
A 52-unit larger multifamily property at 12320-12332 Osborne Place in Pacoima, sold December 2012 for $6,800,000 — approximately $130,769 per unit.
In 2012, LA multifamily transaction volume was rebuilding from the post-2008 trough. Cap rates were beginning to compress as institutional capital returned to the asset class.
Pacoima is northern Valley LA City inventory, predominantly pre-1978 RSO, value-add oriented.
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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