Marcus & Millichap has arranged the sale and acquisition financing of two neighboring multifamily properties on Palm Avenue in West Hollywood, totaling 72 apartment units. The assets, located at 884 and 939 Palm Ave., changed hands for $29,850,000, which equates to $414,583 per unit. The transaction combines both investment sale and debt placement components within a single assignment.
The Azzi Group of Marcus & Millichap served as the exclusive intermediary on the sale. Tony Azzi and Rabbie Banafsheha represented the seller, described as a private family investor. On the buy side, Azzi, Banafsheha, Arteen Zahiri and Ian Habbestad, also with The Azzi Group, procured Benedict Canyon Equities as the purchaser. The buyer is a Southern California-based multifamily investment firm that has acquired more than 13,700 apartment units, according to information shared in connection with this transaction.
Financing for Benedict Canyon Equities’ acquisition was arranged by IPA Capital Markets. Jake Vitta, Brian Eisendrath, and Cameron Chalfant structured the acquisition financing on behalf of the buyer. While the specific loan amount and terms were not disclosed, the engagement underscores the role of dedicated capital markets teams in pairing multifamily buyers with debt sources for stabilized assets in supply-constrained locations.
Commenting on the transaction, Azzi noted that West Hollywood continues to see strong tenant demand, underpinned by limited housing supply, walkability, and proximity to major employment hubs across the Westside and Hollywood. He added that the chance to acquire 72 units on Palm Avenue in a single transaction is considered highly unusual, characterizing the properties as irreplaceable assets in a market where new multifamily supply is effectively constrained.
The portfolio consists of two adjacent garden-style multifamily buildings. The larger property, 939 Palm Ave., was built in 1990 and rises four stories with 42 residential units. The second asset, 884 Palm Avenue, was completed in 1989 and is a three-story building with 30 units. Both communities offer subterranean parking and resident amenities that include fitness centers, swimming pools, spas, and large private decks, positioning the properties as fully amenitized rental housing within the West Hollywood area.
Taken together, the sale and financing of 884 and 939 Palm Ave. highlight ongoing investor interest in well-located multifamily properties in West Hollywood. With unit-level pricing clearly defined and competitive demand for a rare scale opportunity on Palm Avenue, the deal reflects the continued appeal of stabilized, amenitized assets in infill, high-demand rental markets.
