Business Wire·Jul 16, 2026, 5:27 PM ET

Marcus & Millichap Brokers $51 Million Sale of 132-Unit Los Angeles Multifamily Asset

Marcus & Millichap announced the sale of Palm Court Apartments, a 132-unit multifamily property in Los Angeles' Miracle Mile neighborhood.
The asset traded for $51.25 million, equating to $388,258 per unit.
The seller was represented by Jeff Louks, Gayle Factor, & Elliot Sabag, while the buyer, Prime Residential, was procured by Matt Ziegler, Louks, Factor, & Sabag.
The property is located at 740 S Burnside Ave near Wilshire Boulevard, offering proximity to Museum Row, The Grove, & major transit routes including Metro Rail & Interstates 10, 101, & 405.
Built in 1988, the community comprises 48 one-bedroom units, 72 two-bedroom units, & 12 three-bedroom units.
Interior features include custom cabinetry, quartz countertops, & stainless-steel appliances.
Community amenities consist of controlled-access gated parking, a heated pool & spa, fitness center, saunas, a rooftop sundeck, & laundry facilities on every floor.
Marcus & Millichap reported closing 8,818 transactions with a sales volume of $50.8 billion in 2025.