Prime Residential closed on a $51.3 million acquisition of the 132-unit Palm Court Apartments in Los Angeles' Miracle Mile neighborhood. The studio City-based Harrison Properties sold the property at 740 South Burnside Avenue for approximately $388,000 per unit.
Marcus & Millichap's Jeff Louks, Gayle Factor, and Elliot Sabag brokered the sale on behalf of the seller, while Matt Ziegler represented the buyer.
The transaction reflects sustained investor appetite for multifamily assets in the Miracle Mile submarket, a historically strong area for apartment investment. The $388,000-per-unit price point sits within the range typical for stabilized, Class B and C complexes in the neighborhood, where institutional and independent operators continue to compete for inventory.
For sellers like Harrison Properties, this deal signals a market where established multifamily portfolios still command solid pricing despite broader economic headwinds affecting the residential market. The involvement of Marcus & Millichap, one of the nation's largest commercial real estate services firms, underscores the institutional nature of the transaction.
For Prime Residential, the purchase adds to its holdings in a neighborhood known for its walkable retail corridor and proximity to major employment centers. Investors in Miracle Mile multifamily assets typically focus on long-term holds or value-add repositioning, where operational improvements or modest renovations can improve yield.
Tenants at Palm Court Apartments face potential management changes under Prime Residential's ownership. Depending on the buyer's strategy, this could mean property upgrades, rent adjustments, or shifts in amenity offerings. Landlords and operators watching the market will note the sale as a data point showing that mid-sized, fully occupied apartment complexes continue to attract capital at stable valuations in this part of Los Angeles, even as financing conditions remain tight