Units: 16 · Sale price: $7,920,000 · Price per unit: $495,000 · Closed: April 2014
A 16-unit mid-size multifamily property at 1835 Holmby Avenue in Century City, sold April 2014 for $7,920,000 — approximately $495,000 per unit.
2014 was an active year for LA multifamily — deepening buyer pool, increasing transaction volume, pricing compressing steadily in core submarkets.
Century City has the smallest multifamily inventory among LA's core submarkets; buildings trade infrequently and at top-of-range pricing.
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 — over fourteen years at Marcus & Millichap.
Michael Sterman, Senior Managing Director Investments at Marcus & Millichap.
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