Prime Residential has snapped up Palm Court Apartments in Los Angeles’ Miracle Mile, paying about $51.3 million for the 132-unit complex. The four-story property at 740 S. Burnside Avenue works out to roughly $388,000 per unit and sits four blocks from the recently opened Wilshire/Fairfax D Line station. The deal hands Prime another centrally located asset and lands at a moment when investors are once again circling transit-proximate apartment buildings.
Deal details
According to L.A. Business First, Prime Residential paid roughly $51.3 million for Palm Court. That equates to about $388,260 per unit, the outlet reported, a premium for a Miracle Mile asset that reflects its proximity to Museum Row and new rail service.
Property and seller
As noted by CityBiz, the community was built in 1988 and includes a mix of 48 one-bedroom, 72 two-bedroom and 12 three-bedroom apartments. Amenities range from a heated pool and spa to a fitness center, saunas and a rooftop sundeck.
The property was sold by an LLC tied to Studio City-based Harrison Properties, according to Commercial Observer, with Marcus & Millichap arranging the transaction.
Prime's local footprint
Prime Residential already oversees one of the region’s largest apartment portfolios, including Park La Brea, a 4,200-plus-unit complex the company has held since the mid-1990s, per Freddie Mac. That long-running presence in central Los Angeles helps explain Prime’s ongoing appetite for steady, transit-adjacent properties in the Miracle Mile and nearby neighborhoods.
Market context
The deal hits as multifamily investment activity in Los Angeles has been picking up, with brokers and market reports pointing to firmer demand for core, well-located apartment assets, Commercial Observer notes. Marcus & Millichap figures cited in coverage show vacancy at roughly 4.8 percent at the start of 2026 and effective rents ticking higher, trends that keep buyers fixated on stabilized buildings near rail lines and cultural destinations.
For Palm Court residents, insiders say immediate operational shifts are unlikely to be dramatic. Recent capital improvements were a key selling point, and new ownership often favors modest upgrades over wholesale redevelopment. The sale underscores how the Wilshire/Fairfax subway stop has quickly turned into a real pricing lever for investors chasing Miracle Mile apartment stock.
