Units: 16 · Sale price: $3,500,000 · Price per unit: $218,750 · Closed: January 2015
A 16-unit mid-size multifamily property at 1310 N Gardner St in Hollywood, sold January 2015 for $3,500,000 — approximately $218,750 per unit.
By 2015, LA multifamily transaction volume had returned to pre-2008 levels. Institutional and 1031 capital were both active across the full range of submarkets.
Hollywood is one of the most-demanded mid-city LA submarkets, with deep institutional interest and a predominantly pre-1978 building mix that now falls under the revised LA City RSO.
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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