PALM DESERT, Calif.--(BUSINESS WIRE)--The Mogharebi Group (“TMG”) has completed the sale of Royal Palms Condominiums, a 52-unit community located at 40890 Sandy Gale Lane. The property sold with multiple offers at a price of $8,900,000, equating to $171,154 per unit. The buyer was a private investment group based out of Southern California.
“Royal Palms Condominiums was built to condominium specification and is mapped with a parcel number assigned to each unit, providing an alternate exit strategy for investors,” says Otto Ozen, Executive Vice President of The Mogharebi Group. “The property also has high end common area amenities including resort style swimming pools, relaxing spa, sauna, fitness center, clubhouse, BBQ/picnic area, controlled access, and leasing office.” According to Ozen, Royal Palms Condominiums is superior to the competitive properties in the immediate area. “As a result, the property was fully occupied, producing a solid cash-on-cash return through proven rental growth. We aggressively marketed it to our list of high net worth private clients who are currently looking for exchange up-legs. This strategy generated multiple offers and closed within 99.5% of list price.”
Alex Mogharebi and Otto Ozen of The Mogharebi Group represented the seller, a private investment group based in Southern California.
Built in 1985, Royal Palms Condominiums comprises a desirable mix of 94% 2-bedroom units and 6% 1-bedroom units, and spacious floorplans averaging 932 square feet. It is located less than a half mile from Bermuda Dunes Country Club, Highly Ranked James Monroe Elementary School, ample retail shops and restaurants, and less than a mile from Interstate-10 connecting Palm Desert to Los Angeles.
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, 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.