COACHELLA, Calif.–(BUSINESS WIRE)–#Apartments—The Mogharebi Group (“TMG”) has completed the sale of Valle Vista, a 48-unit community, that is located on Tripoli Way and Cairo Street. The property sold with multiple offers at a price of $5,375,000 which equates to $111,979 per unit or $142 per square foot.
“At a price of $111,979 per unit, this transaction represents a record for apartment communities in Coachella. The record-setting price is attributable to several factors including a lack of inventory available in Coachella, our proprietary exchange platform, and value-add upside,” says Bryan LaBar, Investment Advisor of The Mogharebi Group. “We aggressively marketed Valle Vista to our exclusive list of high net-worth private as well as exchange buyers. This strategy generated multiple offers and closed at record pricing.”
Bryan LaBar and Otto Ozen of The Mogharebi Group represented the seller, a private group based in the Inland Empire and the Los Angeles-based buyer.
Valle Vista is a one-story, 1960s built, 48-unit apartment community that is located on 51825-51885 Tripoli Way and 85100-85060 Cairo Street. The property comprises 12 residential fourplex buildings totaling 37,875 rentable square feet and situated on a 2.05-acre site. Valle Vista features spacious one, two, and three-bedroom floor plans with an average size of 789 square feet. The property has semi-private patios, covered parking and 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