Units: 17 · Sale price: $3,950,000 · Price per unit: $232,352 · Closed: November 2015
A 17-unit mid-size multifamily property at 906 Pacific Ave in Venice, sold November 2015 for $3,950,000 — approximately $232,352 per unit.
By 2015, LA multifamily transaction volume had returned to pre-2008 levels. Institutional and 1031 capital were both active across the full range of submarkets.
Venice is Westside LA City multifamily — premium pricing, tight inventory, institutional and high-net-worth buyer pool.
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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