Units: 13 · Sale price: $11,250,000 · Price per unit: $865,384 · Closed: March 2017
A 13-unit mid-size multifamily property at 20747 Pacific Coast Highway in Malibu, sold March 2017 for $11,250,000 — approximately $865,384 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.
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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