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Prime Residential buys Palm Court Apartments for $51.3M in Los Angeles
The 132-unit complex sold at about $388,000 per unit, after the seller completed extensive upgrades.
Prime Residential has acquired Palm Court Apartments, a 132-unit multifamily property in Los Angeles’ Miracle Mile neighborhood, for $51.3 million, Commercial Observer reports.
The sale of 740 South Burnside Avenue, marketed as a 132-unit community, valued the property at roughly $388,000 per unit. Marcus & Millichap represented the seller, while Matt Ziegler procured the buyer.
Commercial Observer adds that the seller recently completed extensive upgrades to the property. Palm Court Apartments was completed in 1988 and includes a mix of 48 one-bedroom units, 72 two-bedrooms, and 12 three-bedrooms, along with shared amenities including a pool and spa, fitness center, saunas, and a rooftop sundeck.
The transaction comes as multifamily investment activity in Los Angeles has been improving, with investment sales up roughly 25 percent over the 12-month period ending in March. However, Commercial Observer notes that L.A.’s Measure ULA transfer tax continues to weigh on larger deals, with transactions above $10 million down 50 percent compared with the year before the measure took effect in 2023.