Units: 35 · Sale price: $17,875,000 · Price per unit: $510,714 · Closed: February 2020
A 35-unit larger multifamily property at 649 S Ridgeley Dr in Los Angeles, sold February 2020 for $17,875,000 — approximately $510,714 per unit.
2020 LA multifamily absorbed a Q2 COVID shock and recovered through H2. Pricing held for stabilized inventory; transaction volume returned by year-end.
Core LA metropolitan area multifamily — specific submarket varies; common LA City RSO regulatory profile on 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 — over fourteen years at Marcus & Millichap.
Michael Sterman, Senior Managing Director Investments at Marcus & Millichap.
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