Units: 53 · Sale price: $10,275,000 · Price per unit: $193,867 · Closed: May 2016
A 53-unit larger multifamily property at 8616 Willis Ave in Panorama City, sold May 2016 for $10,275,000 — approximately $193,867 per unit.
2016 was mid-cycle for LA multifamily. Pricing had firmed meaningfully from post-2008 lows. Strong bid across stabilized inventory.
Panorama City is eastern Valley inventory, predominantly pre-1978 LA City RSO, with a buyer pool concentrated in local operators and value-add syndicators.
Larger multifamily at this scale draws institutional and private equity capital with deeper underwriting processes and longer hold horizons.
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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