Units: 11 · Sale price: $2,900,000 · Price per unit: $263,636 · Closed: October 2021
A 11-unit mid-size multifamily property at 637 S Cloverdale Ave in Los Angeles, sold October 2021 for $2,900,000 — approximately $263,636 per unit.
2021 was LA multifamily's cyclical peak. Cap rates compressed aggressively across submarkets. Transaction volume reached approximately 1,200 deals — the highest in over a decade.
Core LA metropolitan area multifamily — specific submarket varies; common LA City RSO regulatory profile on 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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