827 S Gramercy Dr, Koreatown — 30-Unit Multifamily, $8.5M (Mar 2022)
Updated April 28, 2026
Units: 30 · Sale price: $8,500,000 · Price per unit: $283,333 · Closed: March 2022
A 30-unit larger multifamily property at 827 S Gramercy Dr in Koreatown, sold March 2022 for $8,500,000 — approximately $283,333 per unit.
2022 LA multifamily held at peak pricing through mid-year, then began the rate-driven repricing that would define 2023.
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.
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 Koreatown record, this is the 4th largest of the 21 Koreatown apartment buildings Michael Sterman has closed.
At $283,333 a unit it sits 78% above the Koreatown median of $158,958. 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.
Other Koreatown closings the same year: 839 S St Andrews Pl (31 units, $6,000,000).
This transaction is part of the Sterman Multifamily Group closed archive — over fourteen years at Marcus & Millichap.
Related
- Selling Multifamily Property in Koreatown
- Koreatown: the neighborhood, its buildings and what they sell for
- 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 →