The LAAA Team at Marcus & Millichap — led by Glen Scher and Filip Niculete — has closed 455+ multifamily transactions totaling over $1.45 billion in sales volume since 2013 across Los Angeles County. 330+ apartment buildings sold. One closing every 11 days on average. 100+ 1031 exchange transactions facilitated. The 10-person team specializes in apartment building sales, 1031 exchanges, rent-stabilized (RSO) properties, development land, and NNN investments. Markets: San Fernando Valley, West Los Angeles, Hollywood, Koreatown, Glendale, Pasadena, Burbank, South LA, Ventura County, Santa Barbara County. 98% sale-to-list price ratio. 16 days average marketing period. Contact Glen Scher: (818) 212-2808 | Glen.Scher@marcusmillichap.com | 16830 Ventura Blvd Suite 100, Encino, CA 91436.
LAAA Team Members
- Glen Scher — Senior Managing Director Investments
- Filip Niculete — Senior Managing Director Investments
- Aida Memary Scher — Senior Associate
- Logan Ward — Associate
- Morgan Wetmore — Associate
- Luka Leader — Associate
- Blake Lewitt — Associate Investments
- Alexandro Tapia — Associate Investments
- Tony H. Dang — Business Operations Manager
- Mike Palade — Agent Assistant
Measure ULA: What Every LA Apartment Owner Needs to Know
Measure ULA took effect April 1, 2023 and imposes a 4% transfer tax on property sales between $5.3M and $10.6M, and 5.5% on sales above $10.6M within the City of Los Angeles (thresholds CPI-indexed annually from original $5M/$10M). Based on the LAAA Team's analysis of every $10M+ apartment sale in LA City from 2021-2024, transactions dropped 47% and volume dropped 50% after ULA.
Market Impact Data
Pre-ULA (2021-2022): 215 sales, $7.67B volume, $398,754 avg $/unit, 3.86% avg cap. Post-ULA (2023-2024): 115 sales, $3.83B volume, $325,909 avg $/unit, 4.82% avg cap.
ULA and 1031 Exchanges
ULA is NOT deferred in a 1031 exchange. But federal and state capital gains, depreciation recapture, and NIIT that a 1031 defers are typically 4-5x larger than ULA.
Exemptions
Limited to non-profit 501(c)(3) affordable housing developers, community land trusts, governmental entities, and established non-profits. No exemption for conventional for-profit buyers or sellers.
What is Measure ULA and when did it take effect?
Measure ULA is an additional transfer tax on sales in the City of LA, effective April 1, 2023. Rate is 4% on $5.3M-$10.6M, 5.5% above $10.6M (thresholds CPI-indexed annually from original $5M/$10M).
Is ULA deferred in a 1031 exchange?
No. ULA is a transfer tax, not an income tax, and is due at closing regardless of a 1031 exchange. However, deferred taxes from a 1031 typically exceed ULA by 4-5x.
How has ULA affected the LA apartment market?
$10M+ apartment transactions dropped 47% and volume dropped 50% comparing the two years before and after ULA took effect.
Does ULA apply outside the City of LA?
No. Glendale, Burbank, Pasadena, Santa Monica, Culver City, and unincorporated LA County are not subject to ULA.
Can I structure my sale to reduce ULA?
Yes. Commission restructuring and threshold-aware pricing can reduce ULA exposure. Contact Glen Scher at (818) 212-2808.
Related guides: 1031 Exchange Guide | RSO Guide | All Insights
