Benedict Canyon Buys 72 West Hollywood Units for $29.85M
Benedict Canyon Equities paid $29.85M for 884 and 939 Palm Ave in West Hollywood, 72 units at about $414,583 a unit, per Marcus & Millichap.
- Source Briefing
- Public record
- Company announcement
Benedict Canyon Equities has bought two West Hollywood apartment buildings, 884 and 939 Palm Avenue, for $29.85 million, according to a Marcus & Millichap release dated Nov. 2. The buildings hold 72 units combined, which the broker prices at about $414,583 a unit. The seller was a private family investor.
Why it matters
Benedict Canyon, a Southern California multifamily owner that the release says has acquired more than 13,700 apartment units, is paying for buildings that need work. Marcus & Millichap describes both as value-add, with significant renovation ahead, in a market where it says new supply is effectively constrained. West Hollywood is part of the Los Angeles rental market.
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The numbers
- 939 Palm Avenue: four stories, 42 units, built in 1990.
- 884 Palm Avenue: three stories, 30 units, completed in 1989.
- Combined price: $29.85 million, or $414,583 per unit, per the release. That is our division of the stated price across the two buildings; the release does not break out a price for each.
- Both properties have subterranean parking, fitness centers, pools, spas and large private decks, per the release.
- The Azzi Group of Marcus & Millichap represented the seller and procured the buyer. IPA Capital Markets arranged acquisition financing for the buyer; the lender was not named.
What’s next
Expect a renovation program rather than a hold-as-is. The release does not give a budget, a timeline or loan terms, and we have not independently pulled the county deed or assessor records for the two parcels, so figures here are attributed to Marcus & Millichap. Watch for a recorded deed and any West Hollywood permit filings for unit upgrades.
Illustration: no photo supplied with the release.
Quick answers
- Who bought 72 West Hollywood Units in Los Angeles, and for how much?
- Benedict Canyon Equities paid $29.85M for 884 and 939 Palm Ave in West Hollywood, 72 units at about $414,583 a unit, per Marcus & Millichap.
- What are the key numbers for Benedict Canyon Equities?
- sale price: $29.85M; units: 72; per unit: $414,583.
- Where does the information on Benedict Canyon Equities come from?
- The story cites Marcus & Millichap.
On the record
The two buildings split 42 units (939 Palm Avenue) and 30 units (884 Palm Avenue), so the $29.85M works out to about $414,583 per unit across 72 units
Public record · marcusmillichap.com
Company announcement
- Marcus & MillichapMarcus & Millichap Closes $29.85 Million Sale and Arranges Financing for Two Multifamily Assets in West Hollywood A company statement, not independently confirmed.