Looking for a Tarzana 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 3 in Tarzana alone. If you own an apartment building in Tarzana and are weighing a sale, this is the team that prices it against Tarzana's real buyer pool and rules — not a generic LA average.
Tarzana Multifamily Market Snapshot
3
Sterman closings in Tarzana
266
Units sold here
2022
Most recent closing
Tarzana is the West Valley submarket where a meaningful share of multifamily transactions never hit public listing platforms. Buildings move through relationships. Local operators with corridor concentration. Family offices that have owned in Tarzana since the 1980s. Quiet 1031 placement. The public listing volume reported out of the submarket understates what actually trades. For sellers, that structural reality changes the listing decision.
In most LA submarkets, listing on Crexi or LoopNet is the obvious path. Broad reach, standard process, price discovery through the marketing period. Tarzana is not that submarket for most owners. The buyer pool most likely to price a Tarzana building at full value often is not the buyer pool reached through a public listing. Local operators who already own three buildings within a mile are paying attention. They do not scan listings — they transact through the broker relationship network. A Tarzana building that lists publicly and waits for the institutional pool to show up frequently sees fewer bids than a building that is quietly introduced to the four or five most-likely local buyers first. This is not a universal rule. Larger Tarzana assets — $10M+ mid-rise inventory — attract institutional buyers and benefit from public visibility. But for the typical 8-to-40-unit Tarzana building, the question is not "list broadly or list narrowly." It is often "list publicly at all, or run a targeted off-market process."
Tarzana is LA City. Pre-1978 multifamily inventory is RSO-covered and affected by the December 2025 rewrite effective July 2026. The pattern is familiar by now: lower allowable annual increase, eliminated bumps, widening in-place-to-market gap priced as a buyer discount. Tarzana's inventory skews meaningfully pre-1978 and 1980s. Post-1995 Costa-Hawkins exempt construction is present but a smaller share than in larger commercial corridors like Warner Center or Ventura-Studio City.
What Is My Tarzana Apartment Building Worth?
Value in Tarzana 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 Tarzana 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 Tarzana
Does the 2026 LA City RSO rewrite affect Tarzana?
Yes — Tarzana is LA City, and pre-1978 multifamily is subject to the rewrite.
Should I list publicly or run an off-market process?
Depends on asset size and profile. Larger assets typically benefit from public listing; smaller 8-to-40-unit buildings often sell better through a targeted off-market process. Your specific situation determines which.
How does refinance maturity change the timing conversation?
Materially. A refinance at 2020 rates maturing into 2026 rates often does not pencil on the same equity. Selling into the current buyer pool is frequently the cleaner math. Modeling both paths before maturity is the discipline. Michael Sterman is Senior Managing Director Investments at Marcus & Millichap. He operates across Tarzana, Encino, Woodland Hills, and the LA City West Valley.
Does the 2026 LA City RSO rewrite affect Tarzana apartment buildings?
Yes. Tarzana 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 Tarzana is Costa-Hawkins exempt and not affected by the rewrite.
Does Measure ULA apply to Tarzana sales?
Tarzana 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 Tarzana?
Tarzana 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 Tarzana Multifamily Expert
Michael Sterman has spent 14 years specializing exclusively in Los Angeles multifamily, closing 254 transactions worth $1.41 billion. He knows how Tarzana 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.”