NEWPORT BEACH, Calif.--(BUSINESS WIRE)--The Mogharebi Group (“TMG”) has completed the sale of The Landing, a 52-unit community, that is located on Southwest Birch Street. The property sold with multiple offers for a sale price of $18,500,000 that equates to $355,769 per unit or $413 per square foot. The buyer was a private investor based out of Orange County.
“The Mogharebi Group’s strength is in creating the right buyer for each property that we market,” says Mike Marcu, Senior Vice President of TMG. “This creates value for our clients. In the case of The Landing, we found a buyer that was looking to upgrade location. Due to our relationship with the seller, we were able to convince the seller to provide the buyer time to market their downleg. In a short period of time, we were able to successfully market the buyer’s downleg and close on The Landing at 97% of list price.” Mr. Marcu concluded, “TMG’s ability to not only locate, but create buyers is what truly sets us apart in this market.”
Mike Marcu of TMG represented the seller, a private investment group located in the San Gabriel Valley, and the Orange County based buyer.
Built on a 1.79-acre site in 1971, the property is located at 20102 Southwest Birch in Newport Beach. The apartment homes feature a desirable unit mix of 31 spacious 2-bedroom floor plans and 21 1-bedroom floor plans with an average size of 862 square feet. The property boasts a sparkling swimming pool, community laundry room, leasing office, controlled access, fitness center, and reserved parking. The community is minutes from a significant number of high paying professional jobs and world class shopping in the Fashion Island, South Coast Metro, and Irvine office markets. It is located next to the 73-freeway near the 55-freeway and 405-freeway interchange making it very accessible to communities throughout Southern California.
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.