(Save the date: RealShare Los Angeles comes to the Hyatt Regency Century Plaza in Los Angeles, CA, on March 27.)
VALLEY VILLAGE, CA-A newly completed 48-unit multifamily community located at 11925 Kling St. here has been sold for $15.25 million. Both parties in the transaction are locally based apartment owners/operators.
Matt Ziegler, a VP investments in Marcus & Millichap's Encino, CA, office, represented both parties in the transaction. According to Ziegler, “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. Effective rents in the L.A. Metro jumped 4.7% last year with year-end vacancies at 3.4%, so keeping units filled should not be an issue.”
The property, initially planned as a condominium community, was built in 2012 and contains 52,393 rentable square feet. It 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. Also, the 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.
The San Fernando Valley apartment sector received some attention from developers in 2012. As GlobeSt.com previously reported, in November 2011 IMT Capital LLC of Los Angeles and its associate IMT Residential had plans to construct three new residential developments totaling 653 units in the San Fernando Valley. The projects include a 49-unit apartment community at 14925 Magnolia Blvd. in Sherman Oaks; IMT Sherman Circle, a 340-unit complex at 14500 Sherman Circle in Van Nuys; and IMT Sherman Village, a 264-unit community at 12629 Riverside Dr. in Valley Village.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
