Units: 18 · Sale price: $4,750,000 · Price per unit: $263,888 · Closed: December 2015
A 18-unit mid-size multifamily property at 3649 Midvale Ave in Palms, sold December 2015 for $4,750,000 — approximately $263,888 per unit.
By 2015, LA multifamily transaction volume had returned to pre-2008 levels. Institutional and 1031 capital were both active across the full range of submarkets.
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.
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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