Press Releases
Marcus & Millichap Arranges $6.04M Sale of 31-Unit Multifamily Property in Los Angeles
September 17, 2026
LOS ANGELES, Sept. 17, 2026 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research, and advisory services, announced today the sale of 3407-3411 Drew St., a 31-unit multifamily property in Los Angeles. The property sold for $6.04 million, or $194,839 per unit, and closed escrow at a 5.04 percent cap rate.
“This was a unique transaction that required collaboration and patience from all parties as the buyer navigated a new public funding process,” said Rick Raymundo, executive managing director investments. “Unlike a traditional for-profit multifamily transaction, this acquisition was driven by the nonprofit partnership’s goal of preserving affordable housing in Northeast Los Angeles. The eight-month escrow provided the time needed to navigate the city and LACAHSA funding processes and ultimately complete the acquisition.”
Raymundo, in Marcus & Millichap’s Encino office, represented the seller, Positive Investments. The buyer was a partnership between two nonprofit organizations. The acquisition was among the first projects to use funding from the Los Angeles County Affordable Housing Solutions Agency. The nonprofit buyers plan to preserve the property as affordable housing in Northeast Los Angeles.
Built in 1961, the 23,207-square-foot property spans two buildings on 0.62 acres at 3407-3411 Drew St. in Los Angeles. The property consists of 31 units, including seven one-bedroom, one-bath units, 15 two-bedroom, one-bath units and nine two-bedroom, 1.5-bath townhome units.
“This was a unique transaction that required collaboration and patience from all parties as the buyer navigated a new public funding process,” said Rick Raymundo, executive managing director investments. “Unlike a traditional for-profit multifamily transaction, this acquisition was driven by the nonprofit partnership’s goal of preserving affordable housing in Northeast Los Angeles. The eight-month escrow provided the time needed to navigate the city and LACAHSA funding processes and ultimately complete the acquisition.”
Raymundo, in Marcus & Millichap’s Encino office, represented the seller, Positive Investments. The buyer was a partnership between two nonprofit organizations. The acquisition was among the first projects to use funding from the Los Angeles County Affordable Housing Solutions Agency. The nonprofit buyers plan to preserve the property as affordable housing in Northeast Los Angeles.
Built in 1961, the 23,207-square-foot property spans two buildings on 0.62 acres at 3407-3411 Drew St. in Los Angeles. The property consists of 31 units, including seven one-bedroom, one-bath units, 15 two-bedroom, one-bath units and nine two-bedroom, 1.5-bath townhome units.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2025, the company had 1,808 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 8,818 transactions in 2025, with a sales volume of approximately $50.9 billion. For additional information, please visit www.MarcusMillichap.com.
