Units: 20 · Sale price: $5,650,000 · Price per unit: $282,500 · Closed: December 2018
A 20-unit mid-size multifamily property at 5222-5228 Hermitage in Valley Village, sold December 2018 for $5,650,000 — approximately $282,500 per unit.
2018 LA multifamily was at or near cyclical peak pricing. Institutional capital remained active across asset classes. Transaction volume was high.
Valley Village is central Valley LA City RSO territory, with demographics favoring stable tenant retention.
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 — over fourteen years at Marcus & Millichap.
Michael Sterman, Senior Managing Director Investments at Marcus & Millichap.
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