Benedict Canyon Buys Two West Hollywood Buildings

The $29.9 million purchase of 72 apartment units comes as Los Angeles per-unit prices decline.

Updated on Nov. 6, 2026 in Commercial

Photograph of a cream stucco apartment building with recessed balconies and tall palm trees along a quiet residential street in warm afternoon light. — Benedict Canyon Equities bought two West Hollywood apartment buildings at 884 and 939 Palm Avenue for a combined $29.9 million, or about $414,583 per unit. AI Illustration. Upload story photo >

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Benedict Canyon Equities acquired two apartment buildings at 884 and 939 Palm Avenue in West Hollywood for a combined $29.9 million. The properties hold 72 units, a per-unit price of $414,583, and were bought from a private family investor relocating from California to Texas.

Why it matters

The deal comes as average per-unit prices across the Los Angeles region fell 7.2 percent year over year in the third quarter, suggesting the transaction was struck during a softer pricing environment. Investor interest in the West Hollywood location remains a factor in how multifamily assets are being valued.

The two buildings contain 72 units in total, with 42 at 939 Palm Avenue (built 1990) and 30 at 884 Palm Avenue (completed 1989). The buyer's rent rolls, occupancy and financing terms were not disclosed in the available figures.

The players

Benedict Canyon Equities

Benedict Canyon Equities is a Century City-based real estate investment firm that acquires and manages multifamily residential properties.

Marcus & Millichap

Marcus & Millichap is a national commercial real estate brokerage firm that represents buyers and sellers in investment property transactions.

The details

Marcus & Millichap's Rabbie Banafsheha and Tony Azzi represented the seller, a private family investor, in a single transaction for the two properties. The buyer, Benedict Canyon Equities, was drawn to the West Hollywood location of the buildings.

The 884 Palm Avenue building was completed in 1989, and the 939 Palm Avenue building was built in 1990.
The Los Angeles per-unit price comparison covers the third quarter, with the decline measured against the third quarter of 2025.
The acquisition was reported on November 6, 2026.

Market Landscape

The $414,583 per-unit price sits well above the $281,576 regional average Kidder Mathews reported for the third quarter, which itself was down 7.2 percent from a year earlier. The gap suggests West Hollywood buildings are being valued at a premium even as the broader Los Angeles multifamily market softens.

For owners and buyers of small multifamily properties, the 7.2 percent year-over-year decline in Los Angeles per-unit prices shows that valuations are softening across the region. Those weighing a purchase or sale in the market can use the $281,576 third-quarter average as a reference point for pricing.

The takeaway

Per-unit pricing in the Los Angeles multifamily market is falling, yet select West Hollywood assets still trade well above the regional average. Buyers and sellers should weigh location premiums against the broader downward trend when setting expectations.