Apartment Complex Sells for $51M in Los Angeles’ Miracle Mile
The total comes out to about $388,000 a unit
By Greg Cornfield July 17, 2026 3:25 pm
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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.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
