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California  + Los Angeles  + Apartments  | 

Apartments Along Burton Way Trade for $603K Per Unit

Marcus & Millichap closed the sale of The Versailles Apartments, a five-story, 78-unit multifamily asset at 8811 Burton Way in Los Angeles. The property sold for $47 million, or $602,564 per unit. Tony Azzi and Rabbie Banafsheha of the Azzi Group of Marcus & Millichap represented the seller and procured the buyer.

Azzi said, “On the market for the first time in 40 years, this rare opportunity generated intense competition from a diverse pool of institutional and private investors. Ultimately, we closed with a buyer who brought the most competitive terms to the table.”

Added Banafsheha,“Situated on an entire city block along the Burton Way corridor, this trophy asset is virtually impossible to replicate or assemble today.”

Constructed in 1989, the property is situated between West Hollywood and Beverly Hills, adjacent to Cedars-Sinai Medical Center, with convenient access to State Route 2, Interstate 405, and nearby Metro Rail stations in Culver City and Palms.

Read More News Stories About: Marcus & Millichap
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The Azzi Group of Marcus & Millichap

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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