Units: 24 · Sale price: $6,100,000 · Price per unit: $254,166 · Closed: June 2018
A 24-unit mid-size multifamily property at 514 S Gramercy Pl in Koreatown, sold June 2018 for $6,100,000 — approximately $254,166 per unit.
2018 LA multifamily was at or near cyclical peak pricing. Institutional capital remained active across asset classes. Transaction volume was high.
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.
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 — over fourteen years at Marcus & Millichap.
Michael Sterman, Senior Managing Director Investments at Marcus & Millichap.
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