Units: 30 · Sale price: $1,739,000 · Price per unit: $57,966 · Closed: December 2012
A 30-unit larger multifamily property at 2858 Leeward Avenue in Los Angeles, sold December 2012 for $1,739,000 — approximately $57,966 per unit.
In 2012, LA multifamily transaction volume was rebuilding from the post-2008 trough. Pricing was beginning to firm as institutional capital returned to the asset class.
Core LA metropolitan area multifamily — specific submarket varies; common LA City RSO regulatory profile on 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 — over fourteen years at Marcus & Millichap.
Michael Sterman, Senior Managing Director Investments at Marcus & Millichap.
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