Press Releases
Marcus & Millichap Brokers $47 Million Sale of Landmark Multifamily Asset in Los Angeles
June 05, 2026
LOS ANGELES, June 5, 2026 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of The Versailles Apartments, a five-story, 78-unit multifamily asset in Los Angeles, California. The property sold for $47 million, or $602,564 per unit. Tony Azzi and Rabbie Banafsheha of the Azzi Group of Marcus & Millichap exclusively represented the seller and procured the buyer.
Azzi stated: “On the market for the first time in 40 years, this rare opportunity generated intense competition from a diverse pool of institutional and private investors. Ultimately, we closed with a buyer who brought the most competitive terms to the table.” Banafsheha added: “Situated on an entire city block along the Burton Way corridor, this trophy asset is virtually impossible to replicate or assemble today.”
Located at 8811 Burton Way, the property is ideally situated between West Hollywood and Beverly Hills, adjacent to Cedars-Sinai Medical Center, with convenient access to State Route 2, Interstate 405, and nearby Metro Rail stations in Culver City and Palms. The location offers residents immediate access to premier retail and cultural destinations, including the Beverly Center, The Grove, the Melrose Avenue shopping district, and the Los Angeles County Museum of Art.
Constructed in 1989, The Versailles Apartments has a rooftop swimming pool and deck, a fitness center, laundry facilities on every floor, and two levels of subterranean parking. Apartments have hardwood floors, granite countertops, stainless-steel appliances, and dishwashers. Select units have washers and dryers.
Azzi stated: “On the market for the first time in 40 years, this rare opportunity generated intense competition from a diverse pool of institutional and private investors. Ultimately, we closed with a buyer who brought the most competitive terms to the table.” Banafsheha added: “Situated on an entire city block along the Burton Way corridor, this trophy asset is virtually impossible to replicate or assemble today.”
Located at 8811 Burton Way, the property is ideally situated between West Hollywood and Beverly Hills, adjacent to Cedars-Sinai Medical Center, with convenient access to State Route 2, Interstate 405, and nearby Metro Rail stations in Culver City and Palms. The location offers residents immediate access to premier retail and cultural destinations, including the Beverly Center, The Grove, the Melrose Avenue shopping district, and the Los Angeles County Museum of Art.
Constructed in 1989, The Versailles Apartments has a rooftop swimming pool and deck, a fitness center, laundry facilities on every floor, and two levels of subterranean parking. Apartments have hardwood floors, granite countertops, stainless-steel appliances, and dishwashers. Select units have washers and dryers.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2025, the company had 1,808 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 8,818 transactions in 2025, with a sales volume of approximately $50.9 billion. For additional information, please visit www.MarcusMillichap.com.
