Units: 21 · Sale price: $14,675,000 · Price per unit: $698,809 · Closed: January 2017
A 21-unit mid-size multifamily property at 5700 Melrose Ave in Los Angeles, sold January 2017 for $14,675,000 — approximately $698,809 per unit.
2017 LA multifamily pricing approached cycle peaks. Buyer discipline was tightening on value-add deals even as top-line pricing continued to advance.
Core LA metropolitan area multifamily — specific submarket varies; common LA City RSO regulatory profile on pre-1978 inventory.
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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