Two apartment buildings sitting across the street from each other on Palm Avenue in West Hollywood have new ownership, after Benedict Canyon Equities closed a $29.85 million deal for the pair this week. The combined 72 units sold for $414,583 per unit, a price that landed well above the broader Los Angeles market average even as citywide multifamily values were down year over year.
The properties, known as Cosmopolitan and Le Elle, sit at 884 and 939 Palm Avenue, according to The Real Deal. Marcus & Millichap's Rabbie Banafsheha and Tony Azzi represented the seller, a private family investor moving from California to Texas and selling its California properties as part of that relocation, while Benedict Canyon Equities is reportedly a Century City-based firm, per the same outlet. As Yield PRO separately reported, Marcus & Millichap also procured the buyer and arranged financing through Jake Vitta, Brian Eisendrath and Cameron Chalfant of IPA Capital Markets.
Two Buildings, Decades Apart but Built for the Same Market
939 Palm Avenue went up in 1990 and stands four stories tall with 42 units, while 884 Palm Avenue, finished a year earlier in 1989, is a three-story, 30-unit building, Yield PRO reports. Both properties have subterranean parking, fitness centers, swimming pools, spas and large private decks, according to the same report.
Banafsheha said Benedict Canyon was drawn to the buildings largely because of their West Hollywood address, per The Real Deal. Azzi, who also spoke with Yield PRO, framed the opportunity in starker terms, saying opportunities to acquire 72 units across Palm Avenue in a single transaction are exceptionally rare and that the assets are irreplaceable in a market with constrained new supply.
Why Landlords Keep Betting on West Hollywood
Azzi pointed to the underlying math driving that scarcity, telling Yield PRO that West Hollywood consistently experiences high tenant demand driven by limited housing supply, walkability, and access to major employment hubs. That demand has held up even as the broader Los Angeles multifamily market has cooled on paper.
Citywide, multifamily properties averaged $281,576 per unit in the third quarter of 2026, down 7.2% from $303,283 per unit a year earlier, according to Kidder Mathews. That same report put Los Angeles vacancy at 5.4% in the third quarter, up 20 basis points year over year, with average asking rents climbing 0.6% to $2,323 per unit per month. Construction has also pulled back, with 24,325 multifamily units under construction citywide in the third quarter, an 11.0% drop from the year before, per Kidder Mathews. Against that backdrop, the Palm Avenue sale cleared well above the per-unit average for the broader market.
How the Sale Stacks Up Against Other WeHo Deals
The Palm Avenue transaction follows a string of notable West Hollywood multifamily sales. The Real Deal reported that CIM Group purchased the 166-unit Domain WeHo property for $81.3 million, a seven-story building with 9,000 square feet of retail space that opened in 2017 and includes more than 30 affordable units. That deal ranked as the second-largest sale in Greater Los Angeles in the third quarter of 2026, behind the $114 million sale of 5550 Wilshire in Miracle Mile, where Decron Properties bought the 163-unit, 699,387-per-unit property from GID Investment Advisors, according to Kidder Mathews.
Smaller deals have also moved in the neighborhood. A 30-unit property at 1203 N. Kings Road in West Hollywood sold for $7.98 million, or $266,000 per unit, as reported by ConnectCRE. Taken together, the transactions point to a submarket where investors keep paying premiums for buildings close to the Sunset Strip and the broader Westside job base, even as the wider county's per-unit pricing has retreated from last year's levels.
