Units: 32 · Sale price: $9,500,000 · Price per unit: $296,875 · Closed: December 2016
A 32-unit larger multifamily property at 1946-1954 South Bedford St in Palms, sold December 2016 for $9,500,000 — approximately $296,875 per unit.
2016 was mid-cycle for LA multifamily. Cap rates had compressed meaningfully from post-2008 highs. Pricing was strong across stabilized inventory.
Palms sits between LA's Westside and its mid-city core — Westside-adjacent demand with LA City RSO regulatory exposure on a predominantly pre-1978 inventory.
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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