Units: 40 · Sale price: $10,300,000 · Price per unit: $257,500 · Closed: August 2019
A 40-unit larger multifamily property at 3750 Jasmine Ave in Palms, sold August 2019 for $10,300,000 — approximately $257,500 per unit.
2019 LA multifamily held at peak-cycle pricing. Late-cycle discipline was visible in buyer underwriting, particularly on assets requiring active management.
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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