In a bit of real estate déjà vu, the 48-unit condominium complex at 11925 Kling St in Valley Village has been sold back to the developer who originally built it in 2012. Brokers involved in the transaction say the deal closed this week at roughly $15.9 million, which shakes out to about $331,250 per unit.
The sale was handled by Marcus & Millichap. The brokerage said Tony Azzi and Rabbie Banafsheha of the Azzi Group represented seller MLT VII LLC, while Azzi, Banafsheha, Arteen Zahiri and Ian Habbestad procured the buyer, which the firm describes as a "funding investment corporation." The deal details were announced by Marcus & Millichap.
"The property's 48 individually parcelled units give the buyer maximum flexibility for multiple exit strategies," Banafsheha said, adding that "the winning bidder happened to be the developer who built the property in 2012." That account appears in local coverage of the closing, as reported by Connect CRE.
Parceling gives buyer exit options
Because each unit is recorded as a separate condominium parcel with its own APN, the new owner can opt to hold the entire building as a rental property or peel off units one by one to sell to owner-occupants. The property's offering materials and brokerage listing also highlight in-unit washers and dryers, a fitness center and subterranean parking, all of which help the building appeal to both renters and buyers. See the listing for APN and amenity details on LoopNet and building data on Compass.
Why the buyer was interested
Azzi pointed to Valley Village's strong local fundamentals, noting that average household income has climbed about 45 percent since 2000 and citing a median single-family home price near $755,000, factors that help support resale value in the submarket. Those comments were included in the brokerage's announcement about the closing, as Azzi said in Marcus & Millichap's release.
For current residents, what happens next will depend on whether the buyer rolls out a unit-by-unit resale strategy or keeps the complex as a long-term rental play. Either path would underscore ongoing investor appetite for well-located, condo-style multifamily properties in Los Angeles' midmarket neighborhoods.
