Press Releases
Marcus & Millichap Closes $29.85 Million Sale and Arranges Financing for Two Multifamily Assets in West Hollywood
November 02, 2026
LOS ANGELES, Nov. 2, 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 and financing of 884 and 939 Palm Avenue, two multifamily properties totaling 72 units in the West Hollywood neighborhood of Los Angeles, California. 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 of Marcus & Millichap 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 stated: “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.” Banafsheha said: “The properties are generational-quality assets that require significant renovation, creating a compelling value-add opportunity for a proven operator like Benedict Canyon Equities. Palm Avenue is widely regarded as one of the premier streets in West Hollywood, further enhancing the long-term value and appeal of the properties.”
The buildings are located on Palm Avenue, close to the Sunset Strip, the dining and retail corridor of Santa Monica Boulevard, and the Pacific Design Center. Major employers in West Hollywood and the surrounding area include Cedars-Sinai Health System, Ticketmaster, Live Nation Entertainment, and the Sunset Strip’s extensive hospitality industry. West Hollywood Park is nearby, and the University of California, Los Angeles and the Hollywood/Highland Los Angeles Metro Rail station are within a short drive.
Built in 1990, 939 Palm Avenue 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.
Azzi stated: “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.” Banafsheha said: “The properties are generational-quality assets that require significant renovation, creating a compelling value-add opportunity for a proven operator like Benedict Canyon Equities. Palm Avenue is widely regarded as one of the premier streets in West Hollywood, further enhancing the long-term value and appeal of the properties.”
The buildings are located on Palm Avenue, close to the Sunset Strip, the dining and retail corridor of Santa Monica Boulevard, and the Pacific Design Center. Major employers in West Hollywood and the surrounding area include Cedars-Sinai Health System, Ticketmaster, Live Nation Entertainment, and the Sunset Strip’s extensive hospitality industry. West Hollywood Park is nearby, and the University of California, Los Angeles and the Hollywood/Highland Los Angeles Metro Rail station are within a short drive.
Built in 1990, 939 Palm Avenue 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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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.
