Prime Residential adds to Miracle Mile collection with $51M multifamily buy

Prime Residential just plunked down more than $50 million for an apartment complex near Los Angeles’ Museum Row.  The San Francisco-based multifamily owner and operator acquired the 134-unit Palm Court Apartments at 740 South Burnside Avenue for $51.3 million, or roughly $388,000 per unit, Commercial Observer reported. An affiliate of Studio City-based Harrison Properties was the seller. Marcus & Millichap’s Jeff Louks, Gayle Factor and Elliot Sabag represented the seller, while Marcus & Millichap’s Matt Ziegler brought the buyer. Harrison Properties recently completed wide-reaching renovations on the complex, Ziegler told Commercial Observer. The property was completed in 1988 with 48 […]

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