Units: 45 · Sale price: $18,100,000 · Price per unit: $402,222 · Closed: July 2017
A 45-unit larger multifamily property at 15009 Moorpark St in Sherman Oaks, sold July 2017 for $18,100,000 — approximately $402,222 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.
Sherman Oaks is the Valley floor's most-demanded multifamily submarket. Mixed building ages — pre-1978, 1980s, and post-1995 — trade at distinct cap rates on the same street.
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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