Los Angeles 31-Unit Multifamily Property Sells for $6.04 Million in Affordable Housing Deal
Los Angeles, California | September 23, 2026: A 31-unit multifamily property in Los Angeles' Glassell Park area has sold for $6.04 million, or approximately $194,800 per unit, in a transaction that will preserve the property as affordable housing in Northeast Los Angeles.
The property closed escrow at a 5.04% cap rate, with the acquisition becoming one of the early projects to use funding from the Los Angeles County Affordable Housing Solutions Agency (LACAHSA).
31-Unit Property Trades for $6.04 Million
The multifamily property at 3407-3411 Drew St consists of two buildings on approximately 0.62 acres.
Built in 1961, the property spans about 23,200 square feet and includes:
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7 one-bedroom, one-bath units
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15 two-bedroom, one-bath units
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9 two-bedroom, 1.5-bath townhome units
The sale translates to approximately $194,800 per unit.
Property Located in Glassell Park
The property is located northwest of the 2 Freeway in the Glassell Park area, giving it access to a major Los Angeles transportation corridor.
Its existing multifamily configuration and unit mix made the property suitable for continued residential use, with the new owners planning to maintain it as affordable housing.
Nonprofit Buyers Plan Affordable Housing Preservation
The buyer was a partnership between two nonprofit organisations.
Rather than repositioning the property for market-rate rents, the buyers plan to preserve the 31-unit community as affordable housing serving Northeast Los Angeles.
The transaction was also notable because it used funding from LACAHSA, one of the newer public financing mechanisms supporting affordable housing projects in Los Angeles County.
Deal Took Eight Months to Close
The transaction required an approximately eight-month escrow period as the nonprofit partnership worked through the city's requirements and LACAHSA's funding process.
According to Rick Raymundo of Marcus & Millichap, the deal required coordination among the parties because the acquisition followed a new public funding process rather than a conventional for-profit multifamily transaction.
Raymundo represented the seller, Positive Investments, in the transaction.
What the $194,800 Per-Unit Price Shows
The transaction provides a recent benchmark for multifamily property pricing in Northeast Los Angeles.
At $194,800 per unit, the deal reflects the value of an existing 31-unit asset while also incorporating the property's affordable-housing preservation objective.
The 5.04% cap rate provides another reference point for investors evaluating income-producing multifamily properties in the Los Angeles market.
However, the affordable-housing financing structure means the transaction is not directly comparable with a conventional market-rate multifamily sale.
What Happens Next
The nonprofit buyers plan to preserve the property as affordable housing rather than pursue a market-rate repositioning.
The transaction also highlights how public funding mechanisms can support nonprofit acquisitions of existing multifamily communities and potentially keep rental housing affordable in high-cost Los Angeles neighbourhoods.