649 S Ridgeley Dr, Hancock Park — 35-Unit Multifamily, $17.9M (Feb 2020)
Updated April 28, 2026
Units: 35 · Sale price: $17,875,000 · Price per unit: $510,714 · Closed: February 2020
A 35-unit larger multifamily property at 649 S Ridgeley Dr in Hancock Park, sold February 2020 for $17,875,000 — approximately $510,714 per unit.
2020 LA multifamily absorbed a Q2 COVID shock and recovered through H2. Pricing held for stabilized inventory; transaction volume returned by year-end.
Multifamily property in the Sterman Multifamily Group transaction archive.
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 Hancock Park record, this is the largest of the 6 Hancock Park apartment buildings Michael Sterman has closed.
At $510,714 a unit it sits 122% above the Hancock Park median of $230,519. Per-unit price tracks condition and the in-place rent roll as much as location, so the gap is a starting question rather than a verdict.
This transaction is part of the Sterman Multifamily Group closed archive — over fourteen years at Marcus & Millichap.
Related
- Selling Multifamily Property in Hancock Park
- 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.
Thinking about selling? Get a no-obligation evaluation on your building.
Request Free Evaluation →