ONTARIO, Calif.--(BUSINESS WIRE)--The Mogharebi Group, (“TMG”) has completed the sale of Hallmark at Mission, a 75-unit community, that is located on W. Mission Blvd. The property sold with multiple offers for $21,500,000 that equates to $355 per square foot and $300,000 per unit. The buyer was Waterford Property Company, a private investment group based in Orange County, CA.
“At a price per square foot of $355, this transaction represents a record for apartment communities in Ontario. The record setting price is attributable to several factors, including a lack of available new construction inventory, our proprietary exchange platform, the high quality of the asset, and strong rental growth in the submarket,” says Otto Ozen, Executive Vice President of TMG. “We aggressively marketed Hallmark at Mission to our list of high net worth private as well as exchange buyers. This strategy generated multiple offers and closed at a record price.”
Alex Mogharebi, Otto Ozen and Mike Marcu of TMG represented the seller, an Inland Empire based developer and the Orange County based Buyer.
Built in 2019, the property is located at 1201 W. Mission Blvd, Ontario. Hallmark at Mission features lavishly outfitted units including in-unit washer and dryer, and private garages. The community features exquisite common area amenities including a private clubhouse, library, business center, FiOS Internet / TV, community room with kitchen, and a cutting-edge fitness center. Its sprawling grounds include a sparkling swimming pool and relaxing spa, outdoor entertainment lounge and fireplace, mountain vistas, covered dining area with barbeques, and a private pet park.
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.