The Palm Court Apartments presents a premier multifamily investment opportunity in Los Angeles' dynamic Miracle Mile submarket, delivering upscale urban living in a high-barrier-to-entry locale. Built in 1988, this 132-unit Class A property features a versatile mix of 48 one-bedroom/one-bath units, 72 two-bedroom/two-bath units, and 12 three-bedroom/two-bath units across approximately 136,488 square feet on a 1.2-acre site at 740 S. Burnside Avenue. The subject property has undergone extensive recent upgrades, transforming it into a modern luxury asset that commands premium rents and 95%+ occupancy. Subject to California State Rent Control under AB 1482, which caps annual increases at 5% plus CPI (up to 10%). Recent enhancements include a revamped fitness center with Peloton bikes, heated pool and spa, and unit interiors boasting quartz countertops and stainless steel appliances. Ideally situated in a Walk Score 94 neighborhood with affluent demographics (median income $110,000+), low submarket vacancy (under 4%), and proximity to employment centers like Century City and Hollywood. New roof installed in 2023 with a 20-year material warranty and 10-year labor warranty. New decking installed in 2026.
