COSTA MESA, Calif.--(BUSINESS WIRE)--The Mogharebi Group, (“TMG”) has completed the sale of a portfolio comprising 450-units in 3-complexes that are located throughout the Central Valley. Kings Pointe, a 104-unit community, is located on Harold Street in Kingsburg. Oak Valley, a 109-unit property, is located on East Cross Avenue in Tulare. Oak View, a 237-unit complex, is located on West Caldwell Avenue in Visalia. The portfolio sold with multiple offers at above list price for a total sales price of $46.8 million. Alex Mogharebi and Otto Ozen of TMG represented the seller, a San Diego based private investor. The buyer was a Central Valley based private investment group.
“The closing of this portfolio deal solidifies The Mogharebi Group’s place as the preeminent broker for properties over $5 million in the Central Valley,” says Alex Mogharebi, President of TMG. “The 450-unit portfolio attracted significant investor interest because the 3-properties provided the scale necessary for even an outside investor to run highly profitable operations in this tertiary, yet stable market that continues to grow. Additionally, the properties have been owned long-term through solid operations, and presented significant upside with improved management.” Mr. Mogharebi continued, “Increasingly, more investors are attracted to the Central Valley for higher yield and leverage that is not present in the coastal markets of Northern and Southern California. The Mogharebi Group’s experience in this market and access to investors below the radar make us the ideal platform for investors in this thriving region.”
Built on a 4.44-acre site in 1987, Kings Pointe is located at 901 Harold Street in Kingsburg. While Oak Valley is situated on a 7.06-acre site at 2001 East Cross Avenue in Tulare, Oak View is located at 4700 West Caldwell Avenue on a 16.46-acre site in Visalia. All three properties are near to significant employment. The properties feature attractive community amenities, including sparkling swimming pool and hot tub, 24-hour state-of-the-art fitness center, and reserved covered parking.
With unrivaled local knowledge, an extensive global network of top real estate investors, state of the art technology, and direct access to capital, The Mogharebi Group is the best choice to meet the needs of major private investors and investment funds.