Units: 9 · Sale price: $2,600,000 · Price per unit: $288,888 · Closed: March 2016
A 9-unit small multifamily property at 611 Levering Ave in Westwood, sold March 2016 for $2,600,000 — approximately $288,888 per unit.
2016 was mid-cycle for LA multifamily. Cap rates had compressed meaningfully from post-2008 highs. Pricing was strong across stabilized inventory.
Westwood is Westside LA City, proximity to UCLA creates specific tenant demand profile.
Small multifamily properties in this range trade primarily among private investors, family offices, and 1031 exchangers.
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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