Units: 19 · Sale price: $4,520,000 · Price per unit: $237,894 · Closed: April 2012
A 19-unit mid-size multifamily property at 234 West Fairview Avenue in Glendale, sold April 2012 for $4,520,000 — approximately $237,894 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.
Glendale operates under its own local rental ordinance distinct from LA City RSO, producing a different buyer underwriting profile than comparable LA City buildings.
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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