$7.5 Million Value-Add Community in Downtown Santa Ana Sold by TMG
SANTA ANA, Calif.--(BUSINESS WIRE)--May 9, 2019--The Mogharebi Group (“ TMG ”) has completed the sale of 5 th Street Apartments, a 38-unit community that is located on East 5 th Street in Santa Ana. After multiple offers, the property sold at $7,525,000. The buyer was a private investor out of Newport Beach, Calif.
“Due to the Downtown Santa Ana near to the Regional Transportation Center, desirable unit mix for neighborhood integration, and proven value-add program, there was significant interest in this deal,” says Mike Marcu, Senior Vice President of TMG. Mike Marcu concluded, “We aggressively marketed 5 th Street Apartments in Santa Ana to our list of high net worth private as well as exchange buyers. The asset provided a solid value-add opportunity which generated substantial interest, resulting in multiple offers and closed above list price. As usual, the platform worked!”
Mike Marcu and Otto Ozen of TMG represented the seller, a private investment group located in Orange County and the Newport Beach based buyer.
Built in 1955 and 1961, 5th Street Apartments is a two-story, 38-unit apartment community that is located on East 5th Street in Santa Ana, California. The property comprises two residential buildings measuring approximately 17,179 rentable square feet. The complex is situated on a 0.72-acre site that is composed of two separate parcels. The community features a desirable mix of spacious efficiency, studio, one-bedroom, and two-bedroom floor plans. The property boasts a courtyard, laundry room, leasing office, garage parking, and controlled access.
ABOUT THE MOGHAREBI GROUP
THE MOGHAREBI GROUP (TMG), headquartered in Costa Mesa, California, is the premier multi-family real estate services and investment firm. The company serves real estate investors and offers a broad range of integrated services including transaction and project management, investment management, 1031 Exchanges, valuation; strategic consulting, property sales. Please visit our website at www.Mogharebi.com.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190509005787/en/
CONTACT: Mike Marcu, 909-371-1322,Mike@mogharebi.com
Otto Ozen, 909-235-7886,Otto@Mogharebi.com
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES REIT FINANCE CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE RESIDENTIAL BUILDING & REAL ESTATE
SOURCE: The Mogharebi Group
Copyright Business Wire 2019.
PUB: 05/09/2019 12:54 PM/DISC: 05/09/2019 12:54 PM