TURLOCK, Calif.--(BUSINESS WIRE)--The Mogharebi Group, (“TMG”) has completed the sale of Arbor Manor Senior Cottage Homes, a 49-unit senior community located at 140 West Minnesota Avenue in Turlock, California. The property sold with multiple offers for a record-setting sales price of $7.2 million or $147,000 per unit.
“Due to strong in-place cash flow and desirable central location, Arbor Manor provided stable occupancy and collections with proven value-add upside,” says Bryan LaBar, 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 at a record price for Turlock.”
Bryan LaBar and Otto Ozen of The Mogharebi Group represented the seller, a northern California private investor. The buyer, a private investor based in the bay area was represented by Robin Kane, also of The Mogharebi Group.
Built in 1985, Arbor Manor Senior Cottages is a single-story, 49-unit, 55+ senior apartment community that’s on West Minnesota Road in Turlock, CA. The property comprises nine residential buildings totaling 28,420 rentable square feet. The community is situated on an approximately 2.07-acre site for a comfortable density of 23.7 units per acre. The property features all cottage style one-bedroom / one-bath floor plans. The property features a club house, controlled access gates, outdoor picnic areas, lush garden walkways, reserved covered parking, is adjacent to numerous other retail stores, restaurants and is located less than 1-mile from the Emanuel Medical and Stanford Health Care Oncology Center.
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