Units: 42 · Sale price: $8,600,000 · Price per unit: $204,761 · Closed: August 2023
A 42-unit larger multifamily property at 1784 N Sycaore Ave in Hollywood, sold August 2023 for $8,600,000 — approximately $204,761 per unit.
2023 was LA multifamily's transaction trough. Annual volume of $4.6B was a fifteen-year low as rates climbed and bid-ask spreads widened.
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.
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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