Multifamily pricing has remained stable during the pandemic, according to sell-side brokers at James Capital Advisors that have closed two deals in Los Angeles. Mike Hanassab and Elliot Hassan closed two transactions in Los Angeles totaling $22.9 million, and both assets achieved near flat pricing compared to pre-pandemic valuations.

"We thought the majority of transactions we were going to see were going to be 1031 exchanges. However, after the first month or so, lenders continued to be active, and that allowed investors to get into the market," Hassan, a senior director at James Capital Advisors, tells GlobeSt.com. "That has definitely helped. Rent collections are also better across the board, and that has helped as well."

The duo sold a 57-unit apartment building at 5480 Quakertown Ave. in Woodland Hills and a 44-unit apartment building in Van Nuys. Both transactions came to market and closed during the pandemic. "With regards to Quakertown, we had priced it six months before the pandemic," says Hanassab, a senior director at James Capital Advisors. "The owner reached out to us right at the beginning of the pandemic, and said the family was ready to sell and asked if we could get the same price. We paused, but when we looked at the asset, we felt pretty confident. We took it out at the same price as pre-COVID evaluation."