SACRAMENTO, Calif.--(BUSINESS WIRE)--The Mogharebi Group, (“TMG”) has completed the sale of Rosemont Terrace, a 100-unit apartment complex located in the Rosemont neighborhood of Sacramento, CA. The property sold with multiple offers for a sale price of $15.7 million.
“Due to its dynamic location, attractive unit mix and value add upside opportunity, the buyer pool was significant,” says Otto Ozen, Executive Vice President of The Mogharebi Group. “To maximize the value of this community, we aggressively marketed the property to our extensive database of high net worth private clients who are currently looking for 1031 exchange up-legs. This strategy generated multiple offers. Rosemont Terrace is in a vibrant growth market and is well situated to capitalize on Sacramento’s continued growth. The property represented a great opportunity for the winning buyer to swiftly execute and close the deal.”
Otto Ozen of The Mogharebi Group represented the seller, a Northern California based private investor and the Southern California based buyer.
Built on a 4.92-acre site in 1970, Rosemont Terrace is located at 3690-3733 S. Port Drive in Sacramento. It is located walking distance to Korean School of Sacramento, Golden Empire Elementary, and Albert Einstein Middle School. It is a quick bike ride to Rosemont High School and Carrington College. Rosemont Terrace Apartments is a 5-minute drive to Cal State Sacramento with over 31,000 students.
Rosemont Terrace features community amenities including a swimming pool, outdoor picnic area with barbeque, laundry facilities, covered parking, and a rental office. The property offers 34% one-bedroom, 64% two-bedroom one-bath, 2% three-bedroom units with an average unit size of 798 square feet.
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.