SoldBroker Activity · Entry № 51

The Burton Way Comp Everyone Was Waiting For

Tony Azzi closed one of the city's most anticipated apartment sales after a highly leveraged owner was forced to exit.

PublishedJune 28, 2026
StatusSold · Just Closed
DatelineThe Tape · Beverly Grove, Los Angeles
8811 Burton Way hero photo
FIG. 01, 8811 Burton Way, Beverly Grove / West Hollywood Adjacent, Los Angeles, CA 90048. Listing photo via Marcus and Millichap.
Four takeawaysFour things an operator reads at 8811 Burton Way
  1. $47M at $602K/door.78 units, 86,448 SF, 1989 built. Sale closed May 27, 2026 at a 4.82% cap on in-place NOI of $2,264,228. Five months on market. Seller took a $2M bid-ask cut from the $49M ask.
  2. Estimated 13 GRM today. Potentially an 11 GRM asset tomorrow.  Working backwards from the reported NOI implies the property traded around a 13 GRM. If the apartments can eventually average $5.00/SF (assuming ~72,000 rentable SF), gross income would increase to roughly $4.3M annually, bringing the effective GRM down to about 10.9.
  3. 1989 built = value-add.  Built in 1989, the property falls under AB 1482, not LARSO. That gives ownership the ability to raise rents up to the state cap on renewals while turning units to market over time. Combined with a premium Burton Way location, this supports turning units, improving the building and getting rents to $5/SF
  4. Add this buyer to your watch list.  First Pointe Management Group / The Ezralow Company has been acquiring and operating Southern California real estate since the 1970s. Key principals include Bryan Ezralow, Marc Ezralow, and Gary Freedman. If you sell institutional-quality apartments, add them to your buyer database.  They have done 597M in acquisitions over the last 5 years.
Deal Stats · 8811 Burton Way
Sale Price
$47.0M
closed May 27, 2026
Initial Ask
$49.0M
$2M bid-ask delta
Units
78
apartments
Price / Unit
$602,564
per door
Price / SF
$543/SF
86,448 gross SF
CAP (Current)
4.82%
at close, in-place NOI
In-Place NOI
$2,264,228
reported at close
Year Built
1989
renovated 2010
Lot SF
27,007 SF
0.62 acres, 3.20 FAR
ULA Tax (Est.)
$2,585,000
Measure ULA, above threshold
Occupancy at Sale
~95%
reported at close
Days on Market
~150
approx. 5 months

What an Operator Sees

I'd spend $200K–$300K modernizing the exterior before touching the interiors. More landscaping, mature trees, architectural metal panels, updated lighting, signage, and refreshed common areas could make this 1989 building feel like it was built in 2026.  With 34 one-bedrooms (750 SF), 20 two-bedrooms (1,200 SF), and 22 three-bedrooms (1,350 SF), the oversized unit mix is already there. Improve the first impression, then let AB 1482 and tenant turnover do the rest.

Send OMs to David@AtlasBrief.La

Brokers
Buyer & Listing Broker
Tony Azzi
Executive Managing Director Investments
Marcus & Millichap
Written from the field

David Safai, operator, developer, GC.

Atlas Home Builders, Inc. is a Los Angeles owner-operator and general contractor. If you are a broker with a listing you want an honest read on, send the OM and the T-12 to David@AtlasBrief.La.

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