Thursday, February 28, 2013

Los Angeles Apartment Complex Sells for $15.2 Million



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.

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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