Looking for a Encino multifamily broker? Michael Sterman, Senior Managing Director Investments at Marcus & Millichap and founder of the Sterman Multifamily Group, has closed $1.41 billion across 254 Los Angeles apartment building transactions over 14 years. If you own an apartment building in Encino and are weighing a sale, this is the team that prices it against Encino's real buyer pool and rules — not a generic LA average.
Encino Multifamily Market Snapshot
Encino is the submarket I work out of. Marcus & Millichap's LA office is here. I walk past buildings I have sold, buildings I have underwritten, and buildings I know by address on the way in every day. That proximity shapes a specific observation: the dominant feature across Encino multifamily is tenant tenure. Long holding periods on the ownership side. Long occupancies on the tenant side. Rent rolls that haven't reset for a decade or more. The in-place-to-market gap in Encino is not a talking point. It is the core pricing variable.
A building where most tenants moved in between 2008 and 2015 looks different on paper than a building with the same nominal unit mix and turnover in the last three years. Allowable annual rent increases under LA City RSO, even before the 2026 rewrite, did not keep pace with market rent growth in Encino. The gap widened. It keeps widening. For the seller, two practical consequences. First, the rent roll is the story — buyers underwriting a long-tenure Encino building look at tenancy dates before they look at anything else. Second, the 2026 RSO rewrite compounds the problem. Lower allowable increases, eliminated utility and dependent-occupant bumps, tighter floor and ceiling. The path to closing the gap through the formula alone is effectively gone.
Encino is LA City. Pre-1978 buildings are RSO-covered. The December 2025 rewrite takes effect July 1, 2026. Post-1995 construction is Costa-Hawkins exempt and not affected. Encino has a meaningful share of 1960s and 1970s courtyard inventory — the exact profile most exposed to the rewrite.
What Is My Encino Apartment Building Worth?
Value in Encino turns on vintage, rent-control status, your in-place rents versus market, and which buyer pool fits your building — not a single neighborhood average. Michael underwrites your specific Encino building the way a real buyer will, then tells you what it should bring and how to get there. No obligation.
Frequently Asked Questions About Selling Multifamily in Encino
Does the 2026 LA City RSO rewrite affect Encino buildings?
Yes — Encino is LA City, and the rewrite applies to pre-1978 inventory.
How should the in-place-to-market gap factor into seller pricing?
The gap drives buyer underwriting directly. A clean model of where rent is today vs. where it could be under the rewrite, factored against realistic turnover assumptions, produces the pricing range. Sellers who model this themselves arrive at market-realistic numbers.
Is the family-office buyer pool reliable in Encino?
Yes. For smaller buildings especially, local family offices and operators are often the cleanest path to close. Michael Sterman is Senior Managing Director Investments at Marcus & Millichap. His office is in Encino and Encino is among his most-worked submarkets.
Does the 2026 LA City RSO rewrite affect Encino apartment buildings?
Yes. Encino is within the City of Los Angeles, so pre-1978 multifamily buildings here are subject to LA City RSO — including the rewrite approved by City Council in December 2025, which takes effect July 1, 2026. Post-1995 inventory in Encino is Costa-Hawkins exempt and not affected by the rewrite.
Does Measure ULA apply to Encino sales?
Encino is within the City of Los Angeles, so Measure ULA applies to real estate sales above the specified threshold. The Measure ULA thresholds and rates have been revised since the original April 2023 enactment — current figures should be verified against LA City documentation before any pre-listing net-proceeds model is finalized.
What rent control regime applies in Encino?
Encino is LA City, which means pre-1978 multifamily is RSO-covered and subject to the December 2025 RSO rewrite (effective July 1, 2026). Post-1995 construction is exempt from LA City RSO under the Costa-Hawkins Rental Housing Act and operates under AB 1482 instead.
Meet Your Encino Multifamily Expert
Michael Sterman has spent 14 years specializing exclusively in Los Angeles multifamily, closing 254 transactions worth $1.41 billion. He knows how Encino buildings are valued, who buys them, and what it takes to get a clean deal closed here. CA DRE License #01911703.
What Owners Say About Working With Michael
★★★★★
“I highly recommend Michael Sterman and his group. I just closed escrow on a 36 unit MF which Michael obtained the buyer. Michael handled the sale and escrow process extremely professionally. I have been a MF real estate broker myself for 45 years; I know who is a pro and who is not.”
Robert Corry
Verified Google review
★★★★★
“In Los Angeles multifamily, there's a huge gap between agents who talk about deals and agents who actually understand how they work. Michael Sterman is firmly in the second camp. What sets them apart isn't just market knowledge—it's judgment. They understand rent control realities, tenant issues, expense creep, cap-ex tradeoffs, and how underwriting changes block by block in LA. They're responsive, direct, and strategic—no fluff, no wasted time. If you're serious about buying or selling multifamily in Los Angeles, you want someone like Sterman on your side.”
Michael Maltzman
Verified Google review
★★★★★
“I've worked with Michael Sterman on multiple transactions and couldn't recommend him more highly. He has sold three properties to me and has also sold a property for me. He's professional, responsive, and gets deals done efficiently. A true pro.”