FULLERTON, Calif.--(BUSINESS WIRE)--The Mogharebi Group, (“TMG”) has completed the sale of Portico Villas, a 128-unit community that is located in Fullerton, California. The property sold with multiple offers for a record-setting sales price of $49.83 million.
“Portico Villas is well maintained community with upside potential in a highly desirable Orange County market,” says Otto Ozen, Executive Vice President of The Mogharebi Group. “Despite the challenges posed by the pandemic, we generated strong interest from buyers. 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 in a 90-day period.”
Alex Mogharebi and Otto Ozen of The Mogharebi Group represented the seller, a Southern California based investment group. The buyer was a private investment group also based in Southern California.
Built in 1987, Portico Villas is a two-story, 128-unit apartment community that is located on 140 West Hills Avenue. The property comprises of 9 buildings totaling 114,656 rentable square feet. The complex is situated on a 3.47-acre site. The apartment homes feature spacious one and two-bedroom floor plans with an average size of 896 square feet. The property boasts a sparkling swimming pool, clubhouse, pet playground, fitness center, laundry facility, and ground floor 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