Kenny Stevens Team

Kenny Stevens Team Compass Beverly Hills | Kenny Stevens | DRE # 01090251
With 24 years of experience and over 650 successfully closed transactions, we will get the job done.

For larger LA multifamily owners, Measure ULA has been apart of the convo, ever since its introduction. Part of the buye...
05/27/2026

For larger LA multifamily owners, Measure ULA has been apart of the convo, ever since its introduction.

Part of the buyer underwriting. Part of the timing decision.

And in some cases, part of the reason a deal does or does not move forward.

Now ULA is back in focus heading into November.

A statewide measure has qualified for the ballot that could limit local transfer taxes, while a local coalition is pushing a separate reform effort focused on changing ULA rather than eliminating it.

That creates a more complicated conversation.

It is no longer just repeal or no repeal. There may also be a reform path.

For owners, the questions are practical.

Will larger apartment sales continue to carry the same transfer tax burden?

Will buyers adjust pricing if they think change is possible?

Will sellers wait for more clarity?

No one knows the answer yet.

But the next few months could matter for valuation, timing, and how larger LA multifamily deals are underwritten.

I’ve been touring institutional-quality LA multifamily with clients from Korea over the past couple of days.The timing w...
05/22/2026

I’ve been touring institutional-quality LA multifamily with clients from Korea over the past couple of days.

The timing was hard to ignore.

The South Korean won has been under real pressure against the dollar, and while I do not want to overstate the connection, it does make the conversation around U.S. hard assets more interesting.

These buyers are still focused on the fundamentals.

Location. Asset quality. Rent growth. Debt. Long-term demand.

But the lens can be wider than the local buyer conversation.

For owners, that matters because not every buyer is underwriting from the same starting point.

Some capital is looking at the deal through income and basis. Some is also thinking about dollar exposure, long-term preservation, stability, and owning a physical asset in a market with global recognition.

It may be coincidence, but the buyer for The Judson, the historic 60-unit DTLA asset we sold for $14,750,000, was also from Korea.

Seeing another Korean group take a serious look at LA multifamily caught my attention.

The fundamentals still matter.

But the reason a buyer is looking can be different depending on where the capital is coming from.

Days like this are a good reminder that LA multifamily still has an audience beyond the local buyer pool.

Some LA apartment buildings tell you exactly where you are.Simple stucco exterior. Low-slung profile. Tuck-under parking...
05/20/2026

Some LA apartment buildings tell you exactly where you are.

Simple stucco exterior. Low-slung profile. Tuck-under parking. A name on the front.

The dingbat became one of the most recognizable forms of Southern California multifamily because it was practical. These buildings were built around smaller lots, growing rental demand, and catered towards a mobile working economy.

They are familiar. But they are also part of the everyday fabric of LA multifamily.

My new listing carries that same character 1 block south of Sunset Blvd. in West Hollywood.

9 units. Built in 1957. 67% rental upside.

A classic LA apartment building in one of the city’s most desirable rental pockets.

Before we get into the full numbers, the building itself is worth appreciating.

More details coming soon.

4742 Sepulveda is a good reminder of where the market is right now. and I sold the building in 2022 for $10.275M. This w...
05/15/2026

4742 Sepulveda is a good reminder of where the market is right now.

and I sold the building in 2022 for $10.275M. This week, it came back across my desk being marketed at $7.05M.

The pricing difference stands out on its own, but it stands out even more because this is still a quality Sherman Oaks asset.

Newer construction. Large units. Condo-quality finishes. In-unit laundry. Parking. Strong renter appeal near the Sherman Oaks Galleria.

That is the part owners should pay attention to.

When pricing resets, it does not only show up in the difficult assets. It can show up in good buildings too.

Not because the building stopped making sense.

Because the underwriting changed.

Buyers are more focused on debt, day-one income, future rent growth, and what they are willing to pay for upside that still has to be earned.

This is not a closed sale, and the final number may look different.

But as a market case study, it says a lot.

Scroll through for the breakdown.

Culver City keeps giving multifamily owners a reason to pay attention.⁣⁣More housing is moving forward around Culver Cit...
05/14/2026

Culver City keeps giving multifamily owners a reason to pay attention.⁣
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More housing is moving forward around Culver City and Palms, but the real story is what that activity says about renter demand.⁣
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Developers are still focusing on corridors near transit, retail, and major employment centers.⁣
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That pattern matters.⁣
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Apartments do not operate in a vacuum. Renter demand is shaped by access, convenience, restaurants, retail, employment, foot traffic, and whether people still want to spend time in that part of the city.⁣
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Fox Hills is shifting toward more residential density. Downtown Culver is looking for ways to bring more activity back to the core. Older commercial sites are being reconsidered.⁣
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Office is part of the backdrop, but it is not the whole story.⁣
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The bigger point is that Culver City continues to evolve around the things renters tend to value.⁣
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Housing near transit.⁣
Daily-use retail.⁣
Walkable corridors.⁣
Employment nearby.⁣
A downtown core that is trying to stay active.⁣
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That is what makes this next phase worth watching.⁣
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Scroll through for the breakdown.⁣
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We finally checked this one off the list 🤗For years, we’ve driven through North County San Diego, seen the hot air ballo...
05/13/2026

We finally checked this one off the list 🤗

For years, we’ve driven through North County San Diego, seen the hot air balloons floating in the distance, and said the same thing.

“We should do that one day.”

This weekend, the kids somehow kept the whole thing quiet for Mother’s Day.

Still not sure how they pulled that off, but they did.

And it was pretty tough to beat.

Family, close friends, a beautiful sunset, and one of those views that makes everyone slow down for a minute.

Safe to say, the surprise was a success.

Grateful for the memory. Even more grateful for the people in it.

11 units in Tarzana, built in 1988 and not subject to LA rent control.That is the story with my new listing. 18620 Burba...
05/11/2026

11 units in Tarzana, built in 1988 and not subject to LA rent control.

That is the story with my new listing.

18620 Burbank Blvd. sits 2 blocks north of Ventura Blvd. and approx. 0.3 miles from Tarzana Village, giving residents the kind of practical day-to-day access that tends to matter in this part of the Valley.

Ownership has also completed approx. $122,700 in recent capital improvements, including a new roof, 6 new HVAC units, hot water heater replacement, common area upgrades, and a new security camera system.

For investors looking at Tarzana, the appeal is pretty straightforward.

Newer construction.
No LA rent control.
Larger layouts.
Walkable access to Ventura Blvd.
A cleaner operating profile than more vintage alternatives.

Scroll through the carousel for the financials and property details.

1336 N. Citrus closed at $2.2M, or 95% of the list price, in a 21-day escrow.This wasn’t about one deal.It was part of a...
05/05/2026

1336 N. Citrus closed at $2.2M, or 95% of the list price, in a 21-day escrow.

This wasn’t about one deal.

It was part of a longer-term repositioning strategy for a client we’ve worked with across multiple transactions over the past few years.

The building had the right fundamentals. Nine units in Hollywood just south of Sunset, a solid unit mix, professional management, and a completed soft-story retrofit.

The challenge was the financing environment.

At a 6.03% CAP and 10.52 GRM, most leveraged buyers couldn’t justify the deal with debt in the mid-6% range. So early on, we had to be realistic about who the buyer was going to be.

That meant focusing on 1031 exchange buyers, cash investors, and groups thinking longer term in a submarket that continues to perform.

After about two weeks, the right buyer came through.

Clean ex*****on. Clear strategy. Another step in a much larger plan.

More in the carousel.

Buyers aren’t chasing deals right now. They’re picking them apart.And it’s pretty clear which ones are still getting att...
05/01/2026

Buyers aren’t chasing deals right now. They’re picking them apart.

And it’s pretty clear which ones are still getting attention.

436 Normandie is now offered at $1.375M, or about $229K per unit.

That shift puts it much closer to where deals have actually been trading in Melrose Hill.

We’ve seen steady demand in this pocket.

What’s changed is how buyers are looking at deals.

Location. Unit mix. Day one performance.

This one checks those boxes.

Six units with larger layouts than you typically see in the area, just north of Beverly and within reach of Melrose, Koreatown, and the 6th Street corridor.

Currently operating at a 6.78% CAP, with about 14% upside through interior improvements.

Not a complicated deal.

And those tend to get the most attention once pricing lines up.

More in the carousel.

115% of ask. 11 offers. 21-day close.242 N. Cordova just sold for $1,150,000 in Burbank’s Media District.Triplex assets ...
04/24/2026

115% of ask. 11 offers. 21-day close.

242 N. Cordova just sold for $1,150,000 in Burbank’s Media District.

Triplex assets have been more sensitive to pricing and underwriting lately, especially in the Valley.

This one required the right positioning early.

Strong initial exposure. In-person tours. Letting buyers experience the layout and location firsthand.

Once that happened, the momentum built quickly.

11 offers in the first week led to a best-and-final round and a clean close with no concessions.

In a selective multifamily market, early competition still makes the difference.

Scroll through for a closer look at how the deal came together.

242 N. Cordova
Burbank, CA 91505
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Sold w/ and

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9454 Wilshire Boulevard
Beverly Hills, CA
90212

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