Two multifamily properties in Central Los Angeles recently traded hands, with Calabasas-based Marcus & Millichap representing the seller in both transactions.

The 78-unit Versailles Apartments sold for $47 million earlier this month.

Marcus & Millichap’s Tony Azzi and Rabbie Banafsheha represented the seller and found the buyer for the $602,564-per-unit sale.

“On the market for the first time in 40 years, this rare opportunity generated intense competition from a diverse pool of institutional and private investors,” Azzi said in a statement. “Ultimately, we closed with a buyer who brought the most competitive terms to the table.”

Located at 8811 Burton Way, the property is situated on an entire block between West Hollywood and Beverly Hills and near Cedars-Sinai Medical Center.

Banafsheha called it a “trophy asset” that “is virtually impossible to replicate or assemble today.”

It was built in 1989 and has a rooftop swimming pool and deck, a fitness center, laundry facilities on every floor and two levels of underground parking.

Second local deal

In a separate deal, a property located at 1443 N. Fuller Ave. sold for nearly $28 million. The four-story property has 82 units.

Azzi and Banafsheha represented the seller in this transaction as well.

“Located in Central Los Angeles at the cusp of three unique neighborhoods, Beverly Hills, West Hollywood and Los Feliz, the property benefits from the city’s continued reinvestment in the area and limited new multifamily supply,” Azzi said in a statement. “These fundamentals support sustained occupancy levels and position the area favorably for long-term value appreciation.”

The property was built in 1987 and has a swimming pool, rooftop deck, sauna and laundry facilities. It has both one-bedroom and two-bedroom units and is located off Sunset Boulevard.