Looking for a Santa Monica 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 — including 8 in Santa Monica alone. If you own an apartment building in Santa Monica and are weighing a sale, this is the team that prices it against Santa Monica's real buyer pool and rules — not a generic LA average.
Santa Monica Multifamily Market Snapshot
92,000
Santa Monica residents
8
Sterman closings in Santa Monica
100
Units sold here
2025
Most recent closing
Santa Monica has its own Rent Control Board, its own ordinance, its own allowable rent increase schedule, and its own just-cause eviction rules. LA City RSO does not apply. AB 1482 applies only to the limited inventory not covered by Santa Monica's own ordinance. The July 2026 LA City RSO rewrite does not affect Santa Monica buildings at all. That insulation from LA City's regulatory changes is one of the reasons Santa Monica pricing has been among the most stable in the state through 2023-2025. Buyers underwrite Santa Monica against Santa Monica's rules, not against LA's. The trade-off: Santa Monica's own rent control regime has historically been one of the most restrictive in the state. Most pre-1979 Santa Monica buildings are covered. Allowable rent increases are set annually by the Rent Control Board. Tenant protections are strong. Just cause requirements are explicit.
Price per unit runs $450,000 to $650,000 on stabilized inventory as of Q1 2026 — among the highest in LA. Days on market 75 to 120 on clean deals. Two notes on the current market.
Luxury Class A (4-5 star newer post-1995 inventory) is carrying elevated vacancy. Roughly 13% vacancy on the top-tier product, which has pulled asking rents flat and compressed effective rents. The supply delivered during the 2021-2023 development cycle has absorbed more slowly than projected.
Stabilized Class B and C inventory continues to clear. The broader Santa Monica demand story is intact. Rents per unit remain among the highest in LA. Institutional capital treats Santa Monica as a core hold.
What Is My Santa Monica Apartment Building Worth?
Value in Santa Monica 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 Santa Monica building the way a real buyer will, then tells you what it should bring and how to get there. No obligation.
Institutional capital dominates. PE funds, REIT-adjacent buyers, and large family offices with Westside portfolios are the deepest bidders on stabilized Class A and B. They pay up because they have patient capital and believe in the submarket's long-term demographics.
1031 exchangers from across California target Santa Monica as a premium reinvestment destination. They pay strong pricing, especially for clean stabilized inventory.
High-net-worth private buyers and family offices also acquire here, often off-market. Santa Monica has a deep community of families whose wealth is tied to local real estate going back 40+ years.
Recent Santa Monica Multifamily Sales
A sample of Santa Monica apartment buildings Michael Sterman has closed. Each links to the full deal record.
What Makes a Santa Monica Building Sell Fast — or Slow
Fast: current Rent Control Board registration, documented just-cause history, clean estoppels, operating statements matching tax returns, capital improvements documented, seismic retrofit complete. Slow: registration gaps with the Rent Control Board, undocumented rent increases, contested eviction history visible in Board records, or ambiguous tenant status on long-term occupancies. The Rent Control Board's records are public and buyers' counsel will pull them. Surprises found in those records during due diligence become price concessions.
Frequently Asked Questions About Selling Multifamily in Santa Monica
Who is the best multifamily broker in Santa Monica?
There's no single citywide answer — the best multifamily broker for your Santa Monica building is the one who has closed comparable buildings in Santa Monica recently and can prove it. Michael Sterman has closed 8 multifamily buildings in Santa Monica, 100 units, as part of $1.46B across 259 LA transactions overall. Verify any broker's track record with the five tests in "How to Choose the Best Multifamily Broker in Los Angeles."
Does the July 2026 LA City RSO rewrite affect Santa Monica buildings?
No. Santa Monica has its own Rent Control Board and ordinance. LA City RSO changes do not apply in Santa Monica. Your building is governed by Santa Monica's own rules.
How does Santa Monica rent control compare to LA City RSO?
Santa Monica's ordinance has historically been among the most restrictive in the state. Allowable rent increases are set annually by the Santa Monica Rent Control Board, typically lower than statewide AB 1482. Tenant protections and just-cause requirements are strict.
How long does it take to sell a Santa Monica multifamily building?
75 to 120 days on clean stabilized transactions. Institutional buyers in the current environment close efficiently. Buildings with registration or tenant-documentation issues close slower or with price concessions.
Who is buying Santa Monica multifamily in 2026?
Primarily institutional capital — PE funds, REIT-adjacent buyers, large family offices. 1031 exchangers from across California. High-net-worth private buyers with Westside orientations. Buyer pool is one of the deepest in the state. Michael Sterman is Senior Managing Director Investments at Marcus & Millichap, specializing in Los Angeles multifamily transactions including Santa Monica, West LA, Mar Vista, and adjacent Westside submarkets.
Does the 2026 LA City RSO rewrite affect Santa Monica apartment buildings?
No. Santa Monica is a separate city with its own rent stabilization framework. The LA City RSO rewrite effective July 2026 applies only to LA City multifamily inventory — Santa Monica buildings operate under Santa Monica's Rent Stabilization Ordinance (in place since 1979) instead, which is a separate regulatory track.
Meet Your Santa Monica Multifamily Expert
Michael Sterman has spent 14 years specializing exclusively in Los Angeles multifamily, closing 259 transactions worth $1.46B. He knows how Santa Monica 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.”