Lonnie McDermott Acquires Multifamily Development For $7.4M In Mar Vista

A multifamily development located at 3638-3642 Motor Ave in Mar Vista was recently sold for $7,400,000. The property spans 14,711 square feet and consists of 62 units, resulting in a price per square foot of $503 and a price per unit of $119,354.

Summary of transaction details

• Property Type: Multifamily Development
• Transaction Amount: $7,400,000
• Date: 04/02/2019
• Address: 3638-3642 Motor Ave
• Market: Mar Vista
• Square Footage: 14,711 SF
• Price per Square Foot: $503
• Number of Units: 62
• Price per Unit: $119,354

The sale was facilitated by Lonnie McDermott of Marcus & Millichap, who represented the parties involved in the transaction.