Looking for a Encino multifamily broker? Michael Sterman, Senior Managing Director Investments at Marcus & Millichap and founder of the Sterman Multifamily Group, has closed $1.46B across 259 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 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.
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.
Request a Free Encino Building Evaluation →Michael Sterman has spent 14 years specializing exclusively in Los Angeles multifamily, closing 259 transactions worth $1.46B. 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.
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