The developer behind a Valley Village condo complex bought back the property in a deal that underscores continued demand for flexible multifamily assets in the San Fernando Valley.
Marcus & Millichap’s Rabbie Banafsheha and Tony Azzi brokered the sale of the 48-unit condominium at 11925 Kling Street for $15.9 million, or $331,250 per unit, Connect CRE reported. The seller was MLT VII LLC, linked in state business records to local multifamily landlord May Ling Yu of MLT Properties. The buyer was identified only as the project’s original developer, which completed the building in 2012.
The developer was Canoga Park-based California Home Builders, according to a city document. The firm has since rebranded to Balaciano Group, which develops, operates and acquires apartment complexes under “The Q” brand, according to its website.
The property’s 48 units are individually parceled condos, giving the buyer several potential paths to monetize the investment, including converting the complex to rentals.
The average household income in Valley Village has grown by 45 percent since 2000, Azzi said, while the median price of a single-family home is $755,000 — well below Los Angeles’ $1 million median home price, per Redfin.
Prices have declined in the Southern California condo market over the past year. In February, condo prices in the region were down 6 percentage points year over year to a median $656,000, representing the steepest annual decline in 14 years, according to Attom data. Values in the single-family sector have been more resilient, with median single-family home prices falling 1 percentage point year over year in February to $862,500 and 3 percent below the June 2025 record of $885,000.
Meanwhile, apartment vacancy in the Los Angeles metropolitan area is 5 percent, and the average rent was up 1 percent year-over-year last month to $2,880, according to Marcus & Millichap. Despite outmigration and flat rent growth, multifamily deal flow is strong, with a 25 percent increase in investment activity for the year ending March 31.
— Chris Malone Méndez
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