Units: 10 · Sale price: $1,355,000 · Price per unit: $135,500 · Closed: July 2016
A 10-unit mid-size multifamily property at 7254 Canby Ave in Reseda, sold July 2016 for $1,355,000 — approximately $135,500 per unit.
2016 was mid-cycle for LA multifamily. Cap rates had compressed meaningfully from post-2008 highs. Pricing was strong across stabilized inventory.
Reseda is predominantly pre-1978 LA City RSO inventory. Buyer pool skews local operators and value-add syndicators; institutional participation is more selective than in core LA.
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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