Northmarq’s Los Angeles Investment Sales team arranged the sale of a 45-unit garden-style apartment community in the Palms neighborhood of Los Angeles, near Culver City. The property, located at 3717 Cardiff Ave., traded for $13.125 million. Northmarq represented both the seller, a family that had owned the asset since the mid-1970s, and the buyer, identified as a local private investor.
The brokerage team of Mike Hanassab, Steven Goldstein and Elliot Hassan led the assignment. According to Goldstein, the property offered a rare chance to acquire a 40-plus-unit multifamily asset in a submarket where similar offerings infrequently come to market. That scarcity helped drive a robust marketing process that drew more than 20 private tours and produced double-digit offers.
Several bidders submitted non-refundable terms at the opening of escrow, indicating a high level of conviction among prospective buyers. Goldstein noted that the surrounding submarket is lined with institutional capital, which Northmarq cited as a factor supporting the buyer’s confidence in ongoing demand and the long-term desirability of the neighborhood.
Built in 1973, 3717 Cardiff Ave. is a three-story multifamily community comprising 31 one-bedroom units and 14 two-bedroom units. The apartments feature oversized floor plans, in-unit fireplaces and private balconies in most residences, positioning the property as a garden-style asset with functional layouts and in-unit amenities.
The transaction marks the first time the property has changed hands in roughly five decades, transitioning from long-term family ownership to a local private investor. With institutional owners active in the surrounding area and limited availability of similar mid-size assets for sale, the deal underscores ongoing investor interest in stabilized multifamily properties within the Palms submarket of Los Angeles.
