Units: 20 · Sale price: $5,875,000 · Price per unit: $293,750 · Closed: October 2017
A 20-unit mid-size multifamily property at 1400 N Gardner St in Hollywood, sold October 2017 for $5,875,000 — approximately $293,750 per unit.
2017 LA multifamily pricing approached cycle peaks. Buyer discipline was tightening on value-add deals even as top-line pricing continued to advance.
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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