Marcus & Millichap has completed the sale of a 48-unit condominium property located at 11925 Kling St. in the Valley Village neighborhood of Los Angeles. The asset comprises 48 individually platted condominiums that traded at an average price of $331,250 per unit, reflecting investor interest in for-sale multifamily product in this residential pocket of the San Fernando Valley.
The brokerage team from the Azzi Group at Marcus & Millichap in Los Angeles represented the seller, MLT VII LLC, in the transaction. Tony Azzi and Rabbie Banafsheha led the seller representation, while Azzi, Banafsheha, Arteen Zahiri and Ian Habbestad also worked on the buyer side, securing a funding investment corporation as the purchaser. The deal structure involved brokerage representation on both sides of the sale.
According to commentary from the brokerage team, Valley Village is positioned as a desirable residential neighborhood within the San Fernando Valley. Azzi noted that average household income in the area has increased by 45 percent since 2000, and cited a median single-family home price of $755,000 as an indicator of the neighborhood’s for-sale housing values. This backdrop provides context for pricing dynamics around the condominium property.
Banafsheha highlighted the flexibility embedded in the property due to its 48 individually parceled units. That configuration offers the buyer multiple potential exit strategies, including bulk disposition or individual unit sales, depending on future market conditions and capital plans. The ability to tailor disposition paths is a defining feature of this particular asset.
The buyer in this transaction was not a new entrant to the property. Banafsheha noted that the winning bidder is the same developer that originally built the condominium property in 2012. The sale therefore returns the asset to its original developer, suggesting a strategic decision by the purchaser to re-engage with an asset it knows well in a submarket characterized by rising household incomes and relatively high for-sale housing values.
The involvement of a dedicated investment sales team at Marcus & Millichap, representing both seller and buyer, underscores the role of specialized brokerage in navigating condominium asset trades in established residential neighborhoods. With Valley Village described as one of the San Fernando Valley’s most sought-after residential enclaves, the transaction provides a datapoint on investor appetite for individually parceled multifamily product in infill locations.
