Looking for a Fairfax 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 Fairfax and are weighing a sale, this is the team that prices it against Fairfax's real buyer pool and rules — not a generic LA average.
Fairfax Multifamily Market Snapshot
The Fairfax and Beverly Grove submarkets sit at the intersection of multiple LA cultural identities — the historic Orthodox Jewish community, the Fairfax commercial corridor, the Grove/Third Street retail and entertainment infrastructure, and the CBS Television City footprint. The demographic and commercial density shapes multifamily demand in ways that don't fit a generic LA template.
Portions of Fairfax and Beverly Grove have concentrated Orthodox Jewish populations whose housing patterns differ from general LA renter demand. Multi-generational tenancies, specific kosher proximity requirements, and community-anchored lease continuity are real pricing variables. For buyers, understanding the demographic demand specifics is part of the underwriting.
The Grove, Farmers Market, and CBS Television City form a concentrated commercial and entertainment node that draws professional-class renters. The proposed Television City redevelopment is the near-term variable to watch — it will reshape demand and density dynamics in the immediate area.
What Is My Fairfax Apartment Building Worth?
Value in Fairfax 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 Fairfax building the way a real buyer will, then tells you what it should bring and how to get there. No obligation.
Institutional and private equity on larger assets, particularly Grove-adjacent or Third Street–adjacent inventory. Family offices with multi-generational Fairfax-area portfolios. Individual investors, including some from the local community, on smaller buildings.
Frequently Asked Questions About Selling Multifamily in Fairfax
Does the 2026 LA City RSO rewrite affect Fairfax apartment buildings?
Yes. Fairfax 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 Fairfax is Costa-Hawkins exempt and not affected by the rewrite.
Does Measure ULA apply to Fairfax sales?
Fairfax 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 Fairfax?
Fairfax 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.
Who actually buys multifamily in Fairfax?
The Fairfax buyer pool includes institutional and private equity buyers on larger or regulation-exempt assets, 1031 exchangers, local operators with submarket concentration, and family offices with long-held inventory. Each buyer type prices differently, so the right marketing approach depends on which pool best matches the specific building's profile.
How long does a typical Fairfax multifamily sale take to close?
A typical well-prepared Fairfax multifamily transaction closes in 45-90 days from purchase agreement to close — cash deals on the faster end (roughly 21-45 days), financed deals on the longer end (60-90 days). Pre-listing preparation (clean rent roll, compliance verified, permits documented) is the single biggest determinant of timeline.
What holding period do Fairfax buyers typically underwrite?
Institutional and private equity buyers in Fairfax typically underwrite 5-10 year hold periods. Local operators and family offices often hold indefinitely — 15+ years is common. 1031 exchangers align holds with their broader portfolio strategy.
Meet Your Fairfax Multifamily Expert
Michael Sterman has spent 14 years specializing exclusively in Los Angeles multifamily, closing 254 transactions worth $1.41 billion. He knows how Fairfax 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.”