BERMUDA DUNES, Calif.--(BUSINESS WIRE)--The Mogharebi Group (“TMG”) has completed the sale of Saddleback Apartments, a 61-unit community located on Avenue 42 in Bermuda Dunes, CA. The property sold with multiple offers at a price of $8,150,000, equating to $133,606 per unit. The buyer, who was in a 1031 exchange, was a private investor from Southern California.
“Saddleback Apartments is part of a larger 340 condominium community. As a result, the potential buyer pool was limited to a specialized group of buyers familiar with the complexities of working with a shared homeowners association,” says Otto Ozen, Executive Vice President of The Mogharebi Group. “Each unit was built to condominium specification and is mapped with a parcel number assigned to each unit, providing an alternate exit strategy for investors. We were able to strategically leverage our proprietary 1031 exchange platform that includes a robust network of private high net-worth and exchange buyers that generated multiple offers, drove the value, and successfully closed at 98% of the list price.”
Alex Mogharebi and Otto Ozen of The Mogharebi Group represented the seller, a private investment group based in Utah.
Built in 1988, Saddleback Apartments is located at 78650 Avenue 42. The property features high-end common area amenities, including three resort-style swimming pools, three relaxing spas, fitness center, BBQ/picnic areas, controlled gated access, lighted tennis courts, and a clubhouse. Saddleback Apartments features a desirable mix of 72% 2-bedroom units and 28% 1-bedroom units, including 16 villa-style units averaging 904 square feet. It is located near highly ranked schools, employment centers, Coachella and Stagecoach music festivals, world class tennis stadium venues, and a plethora of lifestyle retail stores and restaurants.
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