Units: 9 · Sale price: $2,600,000 · Price per unit: $288,888 · Closed: March 2016
A 9-unit small multifamily property at 611 Levering Ave in Westwood, sold March 2016 for $2,600,000 — approximately $288,888 per unit.
2016 was mid-cycle for LA multifamily. Pricing had firmed meaningfully from post-2008 lows. Strong bid across stabilized inventory.
Westwood is Westside LA City, proximity to UCLA creates specific tenant demand profile.
Small multifamily properties in this range trade primarily among private investors, family offices, and 1031 exchangers.
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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