Units: 68 · Sale price: $8,726,000 · Price per unit: $128,323 · Closed: February 2016
A 68-unit larger multifamily property at 12747 Mercer St in Pacoima, sold February 2016 for $8,726,000 — approximately $128,323 per unit.
2016 was mid-cycle for LA multifamily. Cap rates had compressed meaningfully from post-2008 highs. Pricing was strong across stabilized inventory.
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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