FAIRFIELD, Calif.--(BUSINESS WIRE)--The Mogharebi Group (“TMG”) has completed the sale of Spring Meadows Apartments, a 120-unit community that was built in 1964 and is located on Travion Court in Fairfield, CA. The property sold for $19,200,000 (that equates to $160,000 per unit or $192 per square foot) with multiple offers. Alex Mogharebi and Otto Ozen of TMG represented the seller, a Bay Area based private investor. The buyer was a private investor based in the Central Valley.
“At a per unit price of $160,000, this transaction represents a record price for communities built before 2000 that are over 30-units in Fairfield. This record setting price is attributable to several factors, including strong rental growth in the submarket, a lack of available inventory in the market, and The Mogharebi Group’s proprietary exchange buyer platform,” says Otto Ozen, Executive Vice President of TMG. “The North Bay and other secondary markets in the Bay Area are experiencing tremendous growth as tenants seek refuge from the housing shortage in San Francisco and Silicon Valley. We expect upward pricing in this market to persist as Bay Area employment continues to expand.”
Built on a 5.43-acre site in 1964, the property is located at 1600 Travion Court in Fairfield. The community has significant frontage on Travis Blvd, which has over 20,000 cars per day. It is 2 miles from Interstate-80, which connects Fairfield to the Bay Area and Sacramento. Spring Meadows is within a mile of numerous shopping destinations including Solano Town Center, Gateway Courtyard, and Oakmont Plaza.
Spring Meadows Apartments features attractive community amenities including an outdoor swimming pool, barbeque areas, 24-hour laundry centers, reserved parking, and a leasing office.
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.