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.”
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout