Benedict Canyon Acquires Neighboring West Hollywood Properties
Marcus & Millichap completed the sale and financing of 884 and 939 Palm Ave., two multifamily properties totaling 72 units in West Hollywood. The assets traded for $29.85 million, or $414,583 per unit.
Tony Azzi and Rabbie Banafsheha of The Azzi Group of Marcus & Millichap exclusively represented the seller, a private family investor. Azzi, Banafsheha, Arteen Zahiri and Ian Habbestad of The Azzi Group also procured the buyer, Benedict Canyon Equities, a Southern California-based multifamily investment firm that has acquired more than 13,700 apartment units. Jake Vitta, Brian Eisendrath, and Cameron Chalfant of IPA Capital Markets arranged acquisition financing on behalf of the buyer.
Azzi said, “West Hollywood consistently experiences high tenant demand driven by limited housing supply, walkability, and access to major employment hubs throughout the Westside and Hollywood. Opportunities to acquire 72 units on Palm Avenue in a single transaction are exceptionally rare and these are irreplaceable assets in a market where new supply is effectively constrained.”
Built in 1990, 939 Palm Ave. is a four-story, 42-unit building, and 884 Palm Avenue, completed in 1989, is a three-story, 30-unit building. Both properties feature subterranean parking, fitness centers, swimming pools, spas, and large private decks.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout