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| 11925 Kling Street, Valley Village, CA |
VALLEY VILLAGE, CA – Marcus & Millichap Real Estate
Investment Services, the nation’s largest real estate investment services firm,
has arranged the sale of a newly completed 48-unit multifamily community
located at 11925 Kling St. in Valley Village, a district of Los Angeles
located southwest of North Hollywood.
The asset, initially planned as a condominium community,
commanded a selling price of $15,250,000, which equates to $317,708 per unit.
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| Matt Ziegler |
Matt
Ziegler, a vice president investments in Marcus & Millichap’s Encino
office, represented the seller and the buyer, both local apartment
owner/operators.
“Constructed in 2012, this luxury community offers the new investor an
opportunity for steady revenue with near-zero maintenance and repair costs in
the desirable San Fernando Valley submarket,” says Ziegler. “Effective rents in
the L.A. metro jumped 4.7 percent last year with year-end vacancies at 3.4
percent, so keeping units filled should not be an issue.”
The 52,393-rentable square foot asset features all
two-bedroom/two-bath units in two distinct configurations. In-unit amenities
include washers and dryers, granite countertops, stainless-steel appliances and
central air conditioning and heat. Community amenities include intercom entry,
secured subterranean parking, an elevator and a courtyard with a spa and a
fitness facility.
The apartment complex is conveniently located near
interstates 101, 134 and 170 and is within walking distance of a Gelson’s
supermarket and other prime shopping and dining.
For a complete copy of the company’s news release, please
contact:
Public Relations
(925) 953-1716
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