Palm Court Apartments in Los Angeles’ Miracle Mile neighborhood has changed hands, with Marcus & Millichap arranging the sale of the 132-unit multifamily community. The property sold for $51.25 million, translating to $388,258 per unit.
Marcus & Millichap marketed the asset on behalf of a private investor seller and generated multiple offers through a competitive bidding process. Jeff Louks, executive managing director investments in the firm’s Encino office, noted that the response from prospective buyers reflects ongoing demand for core commercial real estate in Los Angeles.
Louks, along with colleagues Gayle Factor and Elliot Sabag, represented the seller in the transaction. The team also worked with Marcus & Millichap’s Matt Ziegler, who joined them in securing the buyer, Prime Residential. The buyer acquired the property as a stabilized multifamily asset in one of the city’s established rental corridors.
Ziegler highlighted that Palm Court Apartments has undergone extensive recent upgrades, which have modernized the community and improved its appeal to local renters. The renovations were described as enhancing the property’s competitiveness in Miracle Mile, an area that remains one of Los Angeles’ most sought-after residential neighborhoods.
Constructed in 1988, Palm Court Apartments is located at 740 S Burnside Ave. near Wilshire Boulevard. Its position offers residents immediate access to Museum Row, which includes cultural institutions anchored by the Los Angeles County Museum of Art. The property is also situated near The Grove, a regional shopping destination, providing convenient access to dining, retail, and entertainment options.
The combination of an updated 1980s-vintage asset, prime infill location, and recent renovation program framed the offering as an institutional-quality multifamily investment within the Miracle Mile submarket. The transaction underscores continued investor interest in well-located Los Angeles apartment properties with demonstrated renter demand and proximity to major cultural and retail amenities.
With both seller and buyer represented by the same brokerage platform, the deal illustrates the role of established investment sales teams in matching private capital with infill multifamily opportunities. The per-unit pricing and competitive bidding cited by the brokerage team provide a data point for current multifamily valuations in the Miracle Mile area of Los Angeles.
