Nicholas Matus Acquires Multifamily Assets At 939 And 884 Palm Avenue For $29.85M

The transaction involved the sale of two multifamily assets located at 939 Palm Avenue and 884 Palm Avenue in the West Hollywood market. The properties were sold for a total of $29,850,000, comprising 72 units with a price per unit of approximately $414,583. The combined square footage of the assets is 88,253, resulting in a price per square foot of $338.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $29,850,000
• Address: 939 Palm Avenue & 884 Palm Avenue
• Market: West Hollywood
• Units: 72
• Price Per Unit: $414,583
• Square Footage: 88,253
• Price Per Square Foot: $338
• Buyer: Nicholas Matus
• Seller: May Ling Yu & Thomas Yu
• Broker Representatives: Tony Azzi, Rabbie Banafsheha, Arteen Zahiri & Ian Habbestad - Marcus & Millichap

The Azzi Group at Marcus & Millichap exclusively represented the seller, a private family investor, and facilitated the procurement of the buyer, Nicholas Matus. This sale adds to Benedict Canyon Equities' extensive portfolio, which includes over 13,700 units. The properties are noted for their features such as subterranean parking, pools, spas, and fitness centers, conveniently located near the Sunset Strip and the Pacific Design Center.