Units: 31 · Sale price: $6,000,000 · Price per unit: $193,548 · Closed: April 2022
A 31-unit larger multifamily property at 839 S St Andrews Pl in Koreatown, sold April 2022 for $6,000,000 — approximately $193,548 per unit.
2022 LA multifamily held at peak pricing through mid-year, then began the rate-driven repricing that would define 2023.
Koreatown is one of the highest-density multifamily submarkets in LA, overwhelmingly pre-1978 and subject to LA City RSO. Buyer pool includes institutional value-add, 1031 exchangers, and multi-generational family offices.
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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