2020 Preuss Rd, Palms — 20-Unit Multifamily, $6M (Oct 2016)
Updated April 28, 2026
Units: 20 · Sale price: $6,025,000 · Price per unit: $301,250 · Closed: October 2016
A 20-unit mid-size multifamily property at 2020 Preuss Rd in Palms, sold October 2016 for $6,025,000 — approximately $301,250 per unit.
2016 was mid-cycle for LA multifamily. Pricing had firmed meaningfully from post-2008 lows. Strong bid across stabilized inventory.
Palms sits between LA's Westside and its mid-city core — Westside-adjacent demand with LA City RSO regulatory exposure on a predominantly pre-1978 inventory.
Mid-size multifamily in this unit range attracts both private investors and smaller institutional buyers, particularly on value-add theses.
Set against the rest of the Palms record, this is the 5th largest of the 13 Palms apartment buildings Michael Sterman has closed.
At $301,250 a unit it traded essentially on the Palms median of $296,875, across those 13 closings.
Other Palms closings the same year: 1946-1954 South Bedford St (32 units, $9,500,000), 3200 Cheviot Vista Pl (24 units, $6,325,000).
This transaction is part of the Sterman Multifamily Group closed archive — over fourteen years at Marcus & Millichap.
Related
- Selling Multifamily Property in Palms
- Palms: the neighborhood, its buildings and what they sell for
- How to Sell a Multifamily Property in Los Angeles
- Request a free evaluation of your building
- Verify this sale independently — search public records and coverage for this transaction yourself
Michael Sterman, Senior Managing Director Investments at Marcus & Millichap.
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