VISALIA, Calif.--(BUSINESS WIRE)--The Mogharebi Group (“TMG”) has completed the sale of Four Creeks Apartment Homes, a 146-unit community, that is located on Douglas Avenue. The property sold with multiple offers for $19,200,000 that equates to $131,507 per unit or $103 per square foot. The buyer was a private investment group based in Santa Barbara.
“This transaction represents a record for apartment communities in Visalia. The record setting price is attributable to several factors, including a lack of inventory available, our proprietary exchange platform, the high quality of the asset with all townhome floorplans, and strong rental growth in the submarket,” says Otto Ozen, Executive Vice President of TMG. “We aggressively marketed Four Creeks Apartment Homes to our list of high net worth private as well as exchange buyers. This strategy generated interest from buyers across California and resulted in multiple offers.”
Alex Mogharebi and Otto Ozen of TMG represented the seller, a private equity group located in the Bay Area and the Santa Barbara based buyer.
Built on a 14-acre site for a comfortable density of 10.4-units per acre. Four Creeks Apartment Homes spacious one-, two-, and three -bedroom townhomes. The townhomes feature an average size of 1,278 square feet. All the units are equipped with washer / dryer and an attached garage or carport. The property features an outdoor BBQ / Picnic area, 2 sparkling swimming pools, a relaxing spa, leasing office, and a clubhouse.
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.