Prime Residential has acquired a 132-unit apartment complex in Los Angeles' Miracle Mile district for USD 51.3 million. This corresponds to a price of approximately USD 388,000 per unit. The seller was an LLC affiliated with Studio City-based Harrison Properties.
The property, known as Palm Court Apartments, located at 740 South Burnside Avenue, was represented by Jeff Louks, Gayle Factor, and Elliot Sabag of Marcus & Millichap, who acted for the seller. Matt Ziegler brokered the deal for the buyer. Ziegler noted that the seller had recently carried out extensive modernisations to the property.
About the Location and Property
Palm Court is situated near Museum Row on Wilshire Boulevard, as well as The Grove shopping complex, the Original Farmers Market, and the new Metro station at Wilshire and Fairfax Avenue. Completed in 1988, the complex comprises 48 one-bedroom flats, 72 two-bedroom flats, and 12 three-bedroom flats. Amenities include a swimming pool and spa, a fitness centre, saunas, and a rooftop sun deck.
Multifamily Market Dynamics
This acquisition comes at a time when investment activity in the multifamily segment in Los Angeles is picking up again. According to the latest market report from Marcus & Millichap, investment sales rose by approximately 25 percent in the twelve-month period to March. Los Angeles accounted for more than 20 percent of all apartment transactions in primary US markets during this time.
However, the city's Measure ULA transfer tax continues to affect larger transactions. Deals over USD 10 million were 50 percent lower in the same period compared to the year before the measure came into effect in 2023. The vacancy rate for multifamily properties in L.A. stood at 4.8 percent at the beginning of 2026, while average effective rents increased by 1.4 percent to USD 2,853 per month since the same period in 2025. Marcus & Millichap forecasts that the vacancy rate will reach 5 percent by the end of this year, as 8,500 new units enter the market.
Since 1995, Prime Residential has owned the well-known Park La Brea community north of Miracle Mile. It is considered the largest residential complex west of the Mississippi River and includes 4,249 rent-controlled units in 18 high-rise towers and 175 garden apartment buildings across 144 hectares.
