CHULA VISTA, Calif.--(BUSINESS WIRE)--The Mogharebi Group (“TMG”) has completed the sale of Pacific Pointe Active Senior Living, a 111-unit 55 or better community that is located on 4th Avenue in Chula Vista, CA. The property sold with multiple offers for a sales price of $12.0 million.
“Due to the location and quality of this property, the potential buyer pool was significant in size,” says Otto Ozen, Executive Vice President of TMG. “Pacific Pointe offered solid cash flow and upside to prospective buyers. To maximize the value of this community, we aggressively marketed it to our list of high net worth private clients who are currently looking for exchange up-legs, this strategy generated high interest.”
Alex Mogharebi and Otto Ozen of TMG represented the seller, a San Gabriel Valley based private investor, and the Los Angeles based buyer.
Built in 1974, Pacific Pointe is located at 171 4th Avenue in Chula Vista. It features attractive community amenities including a library, game room for pool and TV, craft room for bingo and card games, beauty salon, movie theatre, state-of-the-art fitness center, church, concert hall, dining hall, commercial kitchen, and laundry room. Pacific Pointe is in downtown Chula Vista, within 1 mile of Scripps Mercy Hospital Chula Vista, Interstate-5, and over 1 million square feet of retail. It is a short drive to Naval Base San Diego that has over 20,000 military personnel and 6,000 civilians.
About The Mogharebi Group (TMG): The Mogharebi Group is a brokerage firm specializing in the multifamily property sector throughout California. With unrivaled local knowledge, an extensive global network of top real estate investors, a fully integrated platform, and direct access to capital, The Mogharebi Group is the best choice to meet the needs of major private investors and investment funds.
For more information visit: Mogharebi.com.