Selling · 20-unit
Selling a 16–29 Unit Apartment Building in Los Angeles
16–29 unit LA apartment buildings sit at the threshold where institutional buyers begin actively bidding. The check size is meaningful enough for family offices and small institutions while still accessible to well-capitalized private investors.
Buyer profile
Mixed pool of family offices, private equity vehicles, syndicators, and 1031 capital. Institutional interest picks up materially above 20 units. Cap rates typically compress vs. smaller product because the buyer pool is deeper and the operational efficiency per unit improves.
Financing patterns
Full agency (Fannie DUS, Freddie Optigo) debt with best-in-market terms. 65–75% LTV, 1.25x DSCR, 10-year fixed with 30-year amortization. Larger institutional buyers may use CMBS for higher LTV at a modest rate premium. Every serious offer will come with agency preapproval already in hand.
Typical timeline
90–150 days from listing to close. Marketing runs 21–30 days. Due diligence 21–30 days. Agency loan close 45–60 days. Institutional buyers move on structured timelines with limited flexibility — clean deals close predictably at this size.
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