Jones & Jones Acquires San Fernando Valley Multifamily For $25.05M

The multifamily property located at 11915, 11935, and 11940 Kling St. in San Fernando Valley has been sold for a total price of $25,050,000. The property consists of 80 units, spanning a total area of 80,602 square feet. The sale price per unit is approximately $313,125, while the price per square foot is $310. The property's capitalization rate (CAP) is 3.52%, and the gross rent multiplier (GRM) stands at 16.10x.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $25,050,000
• Units: 80
• Price per Unit (PPU): $313,125
• Square Footage (SF): 80,602
• Price per Square Foot (PPSF): $310
• CAP: 3.52%
• GRM: 16.10x

The buyer for this transaction is Jones & Jones, while the seller is Abady Holdings. Marcus & Millichap represented both parties in the deal. The buyer's representatives were Filip Niculete and Glen Scher from the LAAA Team at Marcus & Millichap. On the other hand, Tony Azzi and Jordan Asheghian, also from Marcus & Millichap, represented the seller.