---
title: "Apartment Complex Sells for $51M in Los Angeles’ Miracle Mile"
url: https://burnaze.com/article/32c857f2-ee82-445f-8f26-78381b737f06
source: "Commercial Observer"
original_url: https://commercialobserver.com/2026/07/los-angeles-multifamily-housing-sales-prime/
author: "Gregory Cornfield"
category: "Real Estate"
published: 2026-07-17T19:25:57.000Z
modified: 2026-10-31T13:16:18.308Z
image: https://commercialobserver.com/wp-content/uploads/sites/3/2026/07/740-S-Burnside-Ave-credit-Marcus-and-Millichap-WEB.jpg?quality=80&w=1200
---

# Apartment Complex Sells for $51M in Los Angeles’ Miracle Mile

**TL;DR:** Prime Residential acquired the 132-unit Palm Court Apartments in Los Angeles' Miracle Mile neighborhood for $51.3 million. The acquisition is part of a larger trend of increased multifamily investment activity in L.A.

*By Gregory Cornfield, originally published in Commercial Observer on 2026-07-17. [Read the original](https://commercialobserver.com/2026/07/los-angeles-multifamily-housing-sales-prime/).*

## Story

**Prime Residential** acquired the 132-unit complex in the Miracle Mile neighborhood for $51.3 million. An LLC tied to Studio City-based **Harrison Properties** sold the property at **740 South Burnside Avenue,** named **Palm Court Apartments,** for approximately $388,000 per unit.

**Marcus & Millichap**’s **Jeff Louks**, **Gayle Factor** and **Elliot Sabag** represented the seller, while **Matt Ziegler** procured the buyer. Ziegler said the seller recently completed extensive upgrades to the property.

Palm Court is near Museum Row on Wilshire Boulevard, as well as the **Grove** shopping complex, the **Original Farmers Market**, and **Metro**’s new station at Wilshire and Fairfax Avenue. It was completed in 1988 with 48 one-bedroom apartments, 72 two-bedrooms and 12 three-bedrooms. It also features a pool and spa, a fitness center, saunas and a rooftop sundeck.

The acquisition comes as multifamily investment activity picks up in L.A. Investment sales increased roughly 25 percent during the 12-month period ending in March, with L.A. accounting for more than 20 percent of all apartment trades across primary U.S. markets, according to Marcus & Millichap’s most recent market report. However, the city’s **Measure ULA** transfer tax continues to weigh on larger deals, as transactions above $10 million during the same period were down 50 percent compared to the year before the measure took effect in 2023.

L.A.’s multifamily vacancy rate held at 4.8 percent at the start of 2026, while average effective rents increased 1.4 percent since the same period in 2025 to $2,853 per month. Marcus & Millichap forecasts vacancy will reach 5 percent by the end of this year as 8,500 units are added to the market.

Prime Residential has owned the landmark **Park La Brea** community just north of Miracle Mile since 1995. It’s said to be the largest apartment complex west of the Mississippi River. It includes 4,249 rent-controlled units in 18 high-rise towers and 175 garden-style buildings on 144 acres.

## Entities

- Real Estate (sector)
- Commercial Observer (publication)
- Gregory Cornfield (person)
- Marcus & Millichap (company)
- multifamily investment (topic)
- apartment complex sale (topic)
- Prime Residential (company)
- Harrison Properties (company)
- Jeff Louks (person)
- Gayle Factor (person)
- Elliot Sabag (person)
- Matt Ziegler (person)

---
Originally reported by Gregory Cornfield, Commercial Observer (https://commercialobserver.com/2026/07/los-angeles-multifamily-housing-sales-prime/). Summarized by Burnaze (https://burnaze.com/article/32c857f2-ee82-445f-8f26-78381b737f06).