Developer Repurchases Valley Village Condo Complex for $15.9M

In a notable San Fernando Valley transaction, the original developer, now known as Balaciano Group, has repurchased a 48-unit condominium complex at 11925 Kling Street in Valley Village for $15.9 million, or approximately $331,250 per unit. The property, built in 2012, consists of individually parceled condos, offering the new owner flexibility to either sell them individually or operate the building as a rental apartment complex. The deal reflects strong demand for multifamily properties in the area, which has seen significant household income growth. According to Marcus & Millichap, which brokered the sale, the Los Angeles metro area has a 5% apartment vacancy rate, and average rents have seen a modest 1% year-over-year increase. The transaction stands in contrast to the broader Southern California condo market, which has experienced price declines over the past year.