Updated April 28, 2026
Units: 40 · Sale price: $10,300,000 · Price per unit: $257,500 · Closed: August 2019
A 40-unit larger multifamily property at 3750 Jasmine Ave in Palms, sold August 2019 for $10,300,000 — approximately $257,500 per unit.
2019 LA multifamily held at peak-cycle pricing. Late-cycle discipline was visible in buyer underwriting, particularly on assets requiring active management.
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.
Larger multifamily at this scale draws institutional and private equity capital with deeper underwriting processes and longer hold horizons.
Set against the rest of the Palms record, this is the 2nd largest of the 13 Palms apartment buildings Michael Sterman has closed.
At $257,500 a unit it sits below the Palms median of $296,875 — which is what size does to a per-unit number. This building is larger than the median Palms closing at 18 units, and per-door pricing falls as unit count rises almost everywhere in Los Angeles. A citywide average per unit is not information; the comparable set has to match the building's size.
Other Palms closings the same year: 3327 Livonia Ave (18 units, $7,000,000).
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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