REDLANDS, Calif.–(BUSINESS WIRE)–#Apartments—The Mogharebi Group, (“TMG”) has completed the sale of Citrus Grove Apartment Homes, a 198-unit community that is located on Magnolia Avenue in Redlands, CA. The property sold with multiple offers for a sales price of $44.5 million or $224,747 per unit.
“Citrus Grove is located adjacent to Redlands University, a top ranked regional university in the U.S. In addition, the property is comprised of 97% two-bedroom units with proven ‘value-add’ repositioning upside. As a result, there was a significant amount of buyer interest,” says Otto Ozen, Executive Vice President of The Mogharebi Group. “We generated multiple offers from our network of private exchange buyers and closed at 97% of the listing price.”
Alex Mogharebi and Otto Ozen of The Mogharebi Group represented the seller, a private investment group, and the buyer, both based in Los Angeles, CA.
Built in 1985, Citrus Grove Apartment Homes is a two-story, 198-unit apartment community that is located at 1230 E. Lugonia Avenue in Redlands, CA. The property comprises 24 buildings totaling 168,990 square feet and is situated on a 11.74-acre site. Citrus Grove Apartment Homes features mostly two-bedroom / two-bath units. The property boasts a swimming pool, three laundry rooms, fitness center, combined tennis and basketball courts, sand volleyball court, leasing office, outdoor picnic areas and private garage parking.
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.