SAN BERNARDINO, Calif.--(BUSINESS WIRE)--The Mogharebi Group, (“TMG”) has completed the sale of Country Club Apartments, a 79-unit community that is located on East Parkdale Drive in San Bernardino, CA. The property sold for $9,600,000 with multiple offers. Alex Mogharebi and Otto Ozen of TMG represented the seller, an Orange County based investor, and the buyer, a private investor based in Los Angeles.
“The property is in the desirable CSU submarket of San Bernardino that has been seeing some solid rent growth the last couple years. Country Club was particularly appealing to the buyer because of its large floor plans with washer / dryer hookups making it conducive for a value-add strategy. As a result, there was significant interest in this deal,” says Alex Mogharebi, President of TMG. “We aggressively marketed Country Club to our list of high net worth private clients who are currently looking for exchange up-legs. This strategy generated multiple offers and closed near full price.”
Built on a 5.44-acre site in 1986, the property is located at 160 East Parkdale Avenue in San Bernardino. Three of San Bernardino’s largest employers (Community Hospital, St. Bernardine, and CSUSB) are located within a 15-minute drive of the property.
The Country Club Apartments features attractive amenities including a sparkling swimming pool and hot tub, a recreation room, and in-unit washer dryers.
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.