Units: 53 · Sale price: $7,200,000 · Price per unit: $135,849 · Closed: August 2013
A 53-unit larger multifamily property at 8616 Willis Avenue in Panorama City, sold August 2013 for $7,200,000 — approximately $135,849 per unit.
2013 was early in the sustained LA multifamily expansion that would run through 2022. Transaction activity was climbing; buyer pool was broadening quarter over quarter.
Panorama City is eastern Valley inventory, predominantly pre-1978 LA City RSO, with a buyer pool concentrated in local operators and value-add syndicators.
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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