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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.
- ◦Sale/Acquisition
