NORWALK, Calif.--(BUSINESS WIRE)--The Mogharebi Group ("TMG") has completed the sale of a 20-unit community in Norwalk, CA. The property sold for $4,800,000 with multiple competing offers. Brett Bayless and Keon Truth of The Mogharebi Group represented the seller, a Southern California based investor.
"The property is in a great location and is 100% occupied with rental upside. As a result, this Los Angeles County community presented tremendous upside value, and perfectly fit for the buyer’s investment criteria," said Brett Bayless, Senior Vice President of The Mogharebi Group. "However, it was our proprietary 1031 exchange platform of private high net-worth and exchange buyers that ultimately drove up the price and procured a private investor from Southern California who was in a 1031 Exchange and closed in a 28-day period.”
Built on a .73 acre site in 1955, Elmcroft Apartments is a single story constructed asset located at 12010 Elmcroft Avenue in Norwalk. A member of the Gateway Cities, Norwalk is within a 30-minute drive to 2.4 million jobs. The property is within walking distance to Studebaker Elementary School and Lakeside Middle School.
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
