TMCnet News
Record Breaking Sale of $45,500,000 Apartment Community in Grand Terrace Sold by The Mogharebi GroupThe Mogharebi Group ("TMG") has completed the sale of The Heights at Grand Terrace, a 228-unit community, that is located on De Berry Street. The property sold with multiple offers at a price of $45,500,000 which equates to $199,561 per unit or $237 per square foot. "At a price of $199,561 per unit, this transaction represents a record for apartment communities in Grand Terrace. The record-setting price is attributable to several factors including a lack of inventory available in Grand Terrace, our proprietary 1031 exchange platform, and value-add upside," says Otto Ozen, Executive Vice President of The Mogharebi Group. "We aggressively marketed The Heights to our exclusive list of high net-worth private as well as exchange buyers. This strategy generated multiple offers and successfully closed above the asking price." Alex Mogharebi and Otto Ozen of The Mogharebi Group represented the seller, a private group based in San Diego and an East Coast based buyer. The Heights is a two-story, 1970s built, 228-unit apartment community that is located on 22491 De Berry Street. The property comprises 19 residential buildings totaling 192,000 rentable square feet and situated on a 9-acre site. The Heights at Grand Terrace features spacious one and two-bedroom floor plans with an average size of 842 square feet. The property boasts a resort styled pool and spa, cutting-edge fitness center, private clubhouse, multimedia room, has semi-private patios, private garages and is fantastically located near schools, ample shopping, 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 View source version on businesswire.com: https://www.businesswire.com/news/home/20200410005173/en/ |
