Marcus & Millichap Closes Two LA Multifamily Deals at Record Prices
Marcus & Millichap, a leading brokerage firm specializing in investment sales, financing, research, and advisory services, has announced the successful sale of two multifamily properties in the Brentwood neighborhood of Los Angeles. The combined transaction value reached $46.35 million, covering a total of 61 residential units and setting a new benchmark for pricing in one of the city’s most exclusive rental markets.
The two properties involved in the transaction are located at 11911 Mayfield Avenue and 11860 Kiowa Avenue. The Mayfield Avenue property consists of 31 residential units along with a nonconforming studio, while the Kiowa Avenue asset includes 29 units. Both properties are situated in the highly desirable Brentwood area, known for its strong rental demand, limited supply, and proximity to some of Los Angeles’ most attractive amenities. Residents benefit from walkable access to Brentwood Village, Montana Avenue, and San Vicente Boulevard, as well as close proximity to notable landmarks such as the Brentwood Country Club, The Getty Center, and Brentwood Country Mart.
The transactions were handled by the Azzi Group of Marcus & Millichap, with Rabbie Banafsheha and Tony Azzi serving as exclusive representatives for the seller. According to Banafsheha, the deals are particularly notable given the limited transaction activity in Brentwood. In 2026, only a handful of multifamily sales have been completed in the neighborhood, making these transactions stand out not only for their scale but also for their pricing performance. He described the properties as “generational assets,” emphasizing that opportunities to acquire such holdings in Brentwood are rare and highly sought after.
The pricing achieved in these deals reflects the premium that investors are willing to pay for high-quality assets in supply-constrained markets. Brentwood has long been regarded as one of the most desirable submarkets in Los Angeles, characterized by strict zoning regulations, limited new development, and consistently low vacancy rates. These factors contribute to strong long-term rental demand and support elevated property values, even in a broader market environment that remains cautious.
Tony Azzi highlighted the strategic execution behind the transactions, noting that the marketing process was designed to create competitive tension among potential buyers. By targeting a select group of qualified investors and leveraging the unique attributes of the properties, the team was able to generate significant interest and secure favorable terms for the seller. The outcome exceeded expectations not only in terms of pricing but also in the overall structure of the deals, which contributed to a strong net result.
The broader Los Angeles multifamily market in 2026 presents a more complex picture. According to Tony Solomon, Senior Managing Director in the firm’s Los Angeles office, transaction activity has been shaped by higher financing costs and more disciplined underwriting standards. While overall deal volume has shown signs of recovery, much of the activity has been concentrated in submarkets with higher supply levels, where pricing pressures remain evident. In contrast, Brentwood continues to distinguish itself as a high-barrier-to-entry market with resilient fundamentals.
One of the defining characteristics of Brentwood is its limited inventory of multifamily properties available for sale. This scarcity creates a competitive environment whenever assets do come to market, often leading to multiple offers and accelerated transaction timelines. In this case, the Azzi Group generated more than 10 offers for the two properties, demonstrating the depth of investor demand. Contracts were secured in less than 20 days, and both transactions were completed in under 60 days, reflecting an efficient and well-executed sales process.
The success of these deals underscores the importance of location and asset quality in today’s investment landscape. While some markets face challenges related to oversupply or shifting demand patterns, Brentwood’s combination of desirable location, strong tenant base, and limited development opportunities continues to attract long-term investors. These factors provide a level of stability and growth potential that is particularly appealing in an environment of economic uncertainty.
In addition to their financial performance, the properties themselves represent high-quality residential assets that align with the preferences of renters seeking premium living environments. The surrounding neighborhood offers a mix of upscale retail, dining, and recreational options, contributing to its reputation as one of the most livable areas in Los Angeles. This appeal supports consistent occupancy levels and rental growth, further enhancing the investment case for multifamily properties in the area.
From a strategic perspective, the transactions highlight how targeted marketing and deep market expertise can drive successful outcomes, even in a selective investment climate. By understanding the nuances of the Brentwood market and positioning the properties effectively, the brokerage team was able to achieve record-setting results that reinforce the area’s status as a premier destination for multifamily investment.
Overall, the sale of these two properties represents a significant achievement for Marcus & Millichap and its clients. It also serves as a broader indicator of the strength and resilience of top-tier multifamily markets in Los Angeles. As investors continue to seek stable, high-performing assets, locations like Brentwood are likely to remain at the forefront of demand, offering opportunities for both value preservation and long-term growth.
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