LOS ANGELES--(BUSINESS WIRE)--The Mogharebi Group (TMG), a leading multifamily brokerage firm in California, has completed the sale of 50-unit apartment community located in the Eagle Rock community of Los Angeles.
The property sold with multiple offers for a sale price of $15,500,000 million or $310,000 per unit. Advisor Nazli Santana and Executive Vice-President Otto Ozen of The Mogharebi Group represented the seller, a Los Angeles based private investor. The buyer was a privately held investment group based out of Los Angeles, CA.
“Due to below market rents, highly desirable location, strong unit mix, and a low unit-to-land ratio, Yosemite Apartments presented a tremendous value-add and development upside opportunity. Consequently, the buyer pool was significant and diverse” says Nazli Santana, Senior Investment Advisor of The Mogharebi Group. “We generated multiple offers from our pool of private and exchange buyers. Ultimately, the buyer eagerly sought to add to their portfolio and won this deal.”
Built in 1951, Yosemite Gardens is a two story, 50-unit apartment community that comprises 3 buildings totaling 42,900 rentable square feet. The building is situated on a 2.099-acre site. Yosemite Gardens features spacious two-bedroom / 1.0-bath and 1.0 bedroom / 1.0-bathroom units with an average size of 858 square feet. The property boasts beautiful outdoor picnic areas, dog runs and detached garages.
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