Units: 16 · Sale price: $7,950,000 · Price per unit: $496,875 · Closed: December 2012
A 16-unit mid-size multifamily property at 18069-18079 Coastline Drive in Malibu, sold December 2012 for $7,950,000 — approximately $496,875 per unit.
In 2012, LA multifamily transaction volume was rebuilding from the post-2008 trough. Cap rates were beginning to compress as institutional capital returned to the asset class.
Malibu multifamily is scarce; buildings that trade are specialty assets with their own underwriting profile.
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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