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California  + Los Angeles  + Apartments  | 

LA Condo Property Sells to Its Original Developer

Marcus & Millichap closed the sale of 11925 Kling St., a 48-condominium property in the Valley Village neighborhood of Los Angeles. The condominiums sold for an average price of $331,250 each.

Tony Azzi and Rabbie Banafsheha of the Azzi Group at Marcus & Millichap in Los Angeles represented the seller, MLT VII LLC. Azzi, Banafsheha, Arteen Zahiri and Ian Habbestad of Marcus & Millichap procured the buyer, a funding investment corporation. 

“Valley Village is one of the most sought-after residential neighborhoods in the San Fernando Valley, where average household income has grown by 45 percent since 2000, and the median price of a single-family home is $755,000,” said Azzi.

Added Banafsheha, “The property’s 48 individually parceled units give the buyer maximum flexibility for multiple exit strategies. The winning bidder happened to be the developer who built the property in 2012.”

Read More News Stories About: Marcus & Millichap
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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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