ONTARIO, Calif.--(BUSINESS WIRE)--The Mogharebi Group (“TMG”) has completed the sale of Cinnamon Ridge, a 101-unit affordable community located in Ontario, California. The property sold with multiple offers at a price of $15.5 million. Alex Mogharebi and Otto Ozen of The Mogharebi Group represented the seller, a Southern California based investor. The buyer was a private investor also based in Southern California.
“Cinnamon Ridge Apartments is an affordable, 55 and over, tax-exempt community,” said Otto Ozen, Executive Vice President of The Mogharebi Group. “As a result, there was a high level of interested buyers for this asset. However, it was our proprietary 1031 exchange platform that includes a robust network of private high net-worth and exchange buyers that ultimately drove the value and successfully closed above the asking price.”
Built in 1989, Cinnamon Ridge Apartments is a two & three story, 101-unit, 55 or better apartment community that is located on 1051 East 4th Street. The property comprises two residential buildings totaling 48,520 rentable square feet. The complex is situated on a 2.29-acre site. The apartment homes feature spacious one- and two-bedroom floor plans. The property boasts a clubhouse with full kitchen, leasing office, controlled access, solar panels, laundry facilities, and covered parking. Select units have been upgraded with quartz countertops, wood laminate flooring, accented painted interiors, and in-unit washer / dryers.
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.
For more information visit: Mogharebi.com