HACIENDA HEIGHTS, Calif.–(BUSINESS WIRE)–#Apartments—The Mogharebi Group (TMG), a leading multifamily brokerage firm in California, has completed the sale of Sagewood Gardens, a 162-unit community for residents 55 and above, located on Gale Avenue in Hacienda Heights. The property sold with multiple offers for a sales price of $34.375 million. The buyer was a San Gabriel Valley based private investor.
“The market showed exceptionally strong investment demand for this deal. The driving force was the prime location in the heart of the San Gabriel Valley, as well as the unique unit mix which includes cottages, stable cash flow, strong long term growth in senior housing, and upside with a value-add program,” says Otto Ozen, Executive Vice President of TMG. “The demand for senior housing is expected to outpace supply over the coming decade as the baby boomer generation transitions to retirement. The buyer did well to win this trophy asset.”
Built in 1988, Sagewood Gardens is a one and two story, 162-unit apartment community and comprises 21 residential buildings totaling 93,930 rentable square feet. The complex is situated on a 5.29-acre site. The apartment homes feature spacious one and two-bedroom floor plans and a detached, single family residence with an average size of 580 square feet. The property boasts a fitness facility, residents lounge featuring a media room, covered parking, and an activity 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, a fully integrated platform, 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.