Marcus & Millichap Brokers $51.25 Million Sale of Palm Court Apartments in Los Angeles to Prime Residential
Marcus & Millichap has brokered the $51.25 million sale of Palm Court Apartments, a 132-unit multifamily property located at 740 S Burnside Ave. in the Miracle Mile neighborhood of Los Angeles, to Prime Residential. The transaction, announced July 16, 2026, equates to $388,258 per unit and reflects continued demand for renovated, infill multifamily assets in core Los Angeles submarkets.
Deal Details and Brokerage Team
Jeff Louks, executive managing director investments in Marcus & Millichap's Encino office, along with Gayle Factor and Elliot Sabag, represented the seller, a private investor. Matt Ziegler of Marcus & Millichap, alongside Louks, Factor, and Sabag, procured the buyer, Prime Residential.
"We created a competitive bidding environment, and the multiple offers we received underscore the continued demand for core Los Angeles commercial real estate," Louks said in a statement.
Ziegler noted the property's condition as a key factor in the outcome. "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," he said.
Property Profile: Palm Court Apartments
Built in 1988, Palm Court Apartments comprises 48 one-bedroom/one-bath units, 72 two-bedroom/two-bath apartments, and 12 three-bedroom/two-bath units. Unit interiors feature custom cabinetry, quartz countertops, and stainless-steel appliances. Community amenities include controlled-access gated parking, an upgraded heated swimming pool and spa, a fitness center, saunas, a rooftop sundeck, and laundry facilities on every floor.
The property is situated near Wilshire Boulevard, providing residents direct access to Museum Row — anchored by the Los Angeles County Museum of Art — and The Grove shopping mall. The Los Angeles Metro Rail system's Wilshire/Fairfax station is nearby, and Interstate 10, U.S. Highway 101, and Interstate 405 offer access to Downtown Los Angeles, Beverly Hills, and Santa Monica. Major employment centers including Century City and Hollywood are also in close proximity.
Market Context: Renovated Infill Product Draws Competitive Bids
The transaction reflects broader dynamics in the Los Angeles multifamily investment market, where well-located, recently upgraded properties in supply-constrained submarkets continue to attract multiple bidders. Miracle Mile's position between major employment nodes — including Century City, Hollywood, and Downtown Los Angeles — and its access to transit and lifestyle amenities supports sustained renter demand.
Zoning constraints in much of central Los Angeles limit the delivery of new large-scale multifamily supply, a factor that reinforces the pricing power of existing, well-maintained assets. For buyers such as Prime Residential, acquiring a property with recently completed interior and amenity upgrades reduces near-term capital expenditure requirements while providing a stabilized income stream.
The $388,258 per-unit price reflects the premium that renovated, core infill product commands in the current environment. Kitchen and bath upgrades in multifamily properties can generate returns of 60 to 80 percent, while exterior improvements may yield 70 to 90 percent, with the potential for higher returns when upgrades support improved tenant quality or longer lease terms.
About the Firms
Marcus & Millichap is a commercial real estate brokerage firm specializing in investment sales, financing, research, and advisory services with offices throughout the United States and Canada. As of December 31, 2025, the company had 1,808 investment sales and financing professionals in over 80 offices. Marcus & Millichap closed 8,818 transactions in 2025, with a sales volume of approximately $50.9 billion.
Prime Residential is a West Coast multifamily operator active in core and core-plus investment strategies.