Buyer Snags Apartment Buildings in Brentwood for $46 Million

A family office has picked up two apartment buildings in Brentwood for a combined $46.4 million – for a record price per unit of $760,000, according to the broker.

The undisclosed buyer purchased a 31-unit complex at 11911 Mayfield Avenue with an attached “nonconforming studio” and a 29-unit complex at 11860 Kiowa Avenue, L.A. Business First reported. The seller was an undisclosed private investor.

The 61-unit deal was brokered by Marcus & Millichap, which claimed the buyer shelled out a record price per apartment of nearly $760,000. The context of the purported record – such as whether it was limited to West Los Angeles – was not clear.

“The two sales are among just five multifamily transactions completed in Brentwood in 2026, establishing a new benchmark for price per unit while delivering an exceptional net outcome through favorable deal structure,” Rabbie Banafsheha of the Azzi Group of Marcus & Millichap said in a statement.

Banafsheha and Tony Azzi represented the seller. Azzi said Brentwood remains among the most sought-after multifamily markets in Los Angeles, with limited properties available to buyers.

“Brentwood stands apart as a high-barrier, supply-constrained market with limited new development, low vacancy and strong long-term rental demand,” Tony Solomon, senior managing director in Marcus & Millichap’s L.A. office, said.

A three-bedroom apartment at the four-story Mayfield property was listed for $5,300, according to Apartments.com. A similar unit in the four-story building on Kiowa was listed for $5,100.

The West L.A. multifamily market is made up of high-profile, high-unit-count trades, including significant activity near UCLA despite a broader slowdown in deals across the county. Recently, Raintree Partners sold Axiom Westwood, a four-building, 153-unit student housing portfolio near UCLA, for $62.6 million, in Westwood’s largest sale by unit count since 2020.

Early this year, the wider L.A. multifamily market had an overall vacancy of 5.6 percent and flattened rents, with investment activity hampered by the Measure ULA transfer tax, which slowed transactions of more than $5.3 million, according to Kidder Mathews.

At the same time, multifamily anchored a rebound in investment sales in Los Angeles last year, as industrial fundamentals wobbled and office pricing splintered by submarket. Overall deal activity across the city rose 11.1 percent last year, while dollar volume climbed 21.8 percent from 2024.

– Dana Bartholomew