LA VERNE, Calif.--(BUSINESS WIRE)--The Mogharebi Group, (“TMG”) has completed the sale of Amber Ridge, a 147-unit community that is located on the historic Route 66 in La Verne, CA. The property sold with multiple offers for a record-setting sales price of $49.7 million or $338,095 per unit.
“Amber Ridge is located near University of La Verne and the prestigious Claremont Colleges, a top ranked regional college in the U.S. The property has been well-maintained under the same ownership for over 30 years, which offered proven repositioning upside,” says Otto Ozen, Executive Vice President of The Mogharebi Group. “As a result, there was a high level of interested buyers for this asset. Through our proprietary 1031 exchange platform that includes a robust network of private, high-net-worth and exchange buyers, we were able to drive the value and successfully close over 98% of the asking price.”
Alex Mogharebi and Otto Ozen of The Mogharebi Group represented the seller, a private investment group based in Southern California.
Built in 1973 & 2006, Amber Ridge is a two-story, 147-unit apartment community that is located on 2421 Foothill Blvd. The property comprises of 25 buildings totaling 152,861 rentable square feet. The buildings are situated on a 9.63-acre site. Amber Ridge boasts a resort-style swimming pool, clubhouse with a full kitchen and fireplace, outdoor BBQ & entertainment area, leasing center, business center, fitness center, pet grooming salon, tot lot, and a mix of garaged and covered parking.
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