Looking for a Palms 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 — including 14 in Palms alone. If you own an apartment building in Palms and are weighing a sale, this is the team that prices it against Palms's real buyer pool and rules — not a generic LA average.
Palms Multifamily Market Snapshot
14
Sterman closings in Palms
337
Units sold here
2024
Most recent closing
Palms is dense, walkable, and demographically attractive. Proximity to Sony Pictures, Culver City's tech employers, and the Expo Line keeps tenant demand structurally high. The submarket's pre-1978 inventory is among the most-demanded in the LA City RSO universe. Most Palms multifamily was built between 1950 and 1975. That means the overwhelming majority of the submarket falls under LA City RSO — and under the new July 2026 formula, the allowable rent increase ceiling drops to 4%. Buyer pool is deep. Institutional value-add capital has treated Palms as a top-tier LA City target for a decade. Family offices and 1031 exchangers are consistently active. The Westside-adjacent location keeps a high floor under pricing even when the broader RSO environment tightens.
Price per unit runs $325,000 to $450,000 as of Q1 2026 — higher than central LA submarkets like Koreatown and Hollywood, lower than the Westside premium of Santa Monica and West LA. That spread is Palms's pricing signature: Westside-adjacent, LA City-exposed.
What Is My Palms Apartment Building Worth?
Value in Palms 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 Palms building the way a real buyer will, then tells you what it should bring and how to get there. No obligation.
Institutional value-add is most aggressive on stabilized pre-1978 inventory where renovation upside is visible. These buyers pay close to asking when the story is clean and cap ex is manageable.
Local Westside family offices acquire Palms off-market with frequency. Several multi-generational families have built long-term positions in the submarket.
1031 exchangers from across LA and from out-of-state treat Palms as a reliable reinvestment. Westside-adjacent quality at a price the exchange can defensibly underwrite.
Recent Palms Multifamily Sales
A sample of Palms apartment buildings Michael Sterman has closed. Each links to the full deal record.
Fast: clean LA City RSO registration, documented rent history, no unpermitted units, seismic retrofit complete, operating statements that reconcile to tax returns, clean estoppels. Slow: RSO registration gaps (common), unpermitted units (Palms has a meaningful share of these), deferred capital that inspectors will catch, or ambiguous tenant occupancy status on long-tenured units. The difference between fast and slow in Palms is often 3-6% of sale price. On a $6M building, that's $180,000 to $360,000. Preparation cost is a fraction of that.
Frequently Asked Questions About Selling Multifamily in Palms
Does the 2026 LA City RSO rewrite affect Palms buildings?
Yes. Most Palms inventory is pre-1978 LA City. The July 2026 formula change caps future rent growth at 4% annually and is already being priced into buyer underwriting.
How does Palms pricing compare to Koreatown or Santa Monica?
Palms prices above Koreatown (Westside-adjacent demand premium) and below Santa Monica (LA City RSO exposure vs. Santa Monica's own regime).
Who is buying Palms multifamily in 2026?
Institutional value-add on stabilized pre-1978, local Westside family offices off-market, and 1031 exchangers. Buyer competition is steady.
How long does it take to sell a Palms apartment building?
90 to 150 days on clean transactions. Registration gaps or unpermitted work extend that or produce price concessions. Michael Sterman is Senior Managing Director Investments at Marcus & Millichap with deep focus on Palms, West Hollywood, Hollywood, West LA, and Mar Vista.— Palms is among his most active submarkets by deal count.
Does the 2026 LA City RSO rewrite affect Palms apartment buildings?
Yes. Palms 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 Palms is Costa-Hawkins exempt and not affected by the rewrite.
Does Measure ULA apply to Palms sales?
Palms 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.
Meet Your Palms Multifamily Expert
Michael Sterman has spent 14 years specializing exclusively in Los Angeles multifamily, closing 254 transactions worth $1.41 billion. He knows how Palms 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.”