Units: 25 · Sale price: $2,850,000 · Price per unit: $114,000 · Closed: June 2014
A 25-unit mid-size multifamily property at 9041 Cedros Avenue in Panorama City, sold June 2014 for $2,850,000 — approximately $114,000 per unit.
2014 was an active year for LA multifamily — deepening buyer pool, increasing transaction volume, cap rates compressing steadily in core submarkets.
Panorama City is eastern Valley inventory, predominantly pre-1978 LA City RSO, with a buyer pool concentrated in local operators and value-add syndicators.
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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