Units: 77 · Sale price: $6,740,000 · Price per unit: $87,532 · Closed: June 2016
A 77-unit larger multifamily property at 38705 20th St in Palmdale, sold June 2016 for $6,740,000 — approximately $87,532 per unit.
2016 was mid-cycle for LA multifamily. Cap rates had compressed meaningfully from post-2008 highs. Pricing was strong across stabilized inventory.
Palmdale is Antelope Valley multifamily, outside core LA jurisdictions and with different buyer pool dynamics.
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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