California CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Prime Residential Pays $51M for Miracle Mile Apartments
Marcus & Millichap closed the sale of Palm Court Apartments, a 132-unit multifamily property in the Miracle Mile neighborhood of Los Angeles. The asset traded for $51.25 million, or $388,258 per unit.
“We created a competitive bidding environment, and the multiple offers we received underscore the continued demand for core Los Angeles commercial real estate,” said Jeff Louks, executive managing director investments in Marcus & Millichap’s Encino office. Louks, Gayle Factor, and Elliot Sabag of Marcus & Millichap represented the seller, a private investor.
Matt Ziegler of Marcus & Millichap, along with Louks, Factor and Sabag, procured the buyer, Prime Residential. “The property’s extensive recent upgrades have modernized the community and enhanced its appeal to residents in one of Los Angeles’ most sought-after neighborhoods,” said Ziegler.
Built in 1988 and located at 740 S Burnside Ave. near Wilshire Boulevard, the property gives residents immediate access to Museum Row, anchored by the Los Angeles County Museum of Art, and The Grove shopping mall.
- ◦Sale/Acquisition
