$16.9 Community in Kerman Sold by TMG
KERMAN, Calif.--(BUSINESS WIRE)--May 14, 2019--
The Mogharebi Group, (“ TMG ”) has completed the sale of Golden Meadows, a 196-unit community that is located on West California Avenue in Kerman, CA. The property sold with multiple offers for a sales price of $16.9 million. The buyer was a private investor based out of the Bay Area.
“Due to the high quality of the community, low price per unit, and high cash-on-cash return, the buyer pool was large,” says Otto Ozen, Executive VicePresident of TMG. “We were able to generate multiple offers from our pool of private investors in exchange, ultimately selling for near full price.” Mr. Ozen concluded, “The property represented a great value with solid upside that required a special buyer to realize its full potential.”
Otto Ozen of TMG represented the seller, a private investment group located in the Orange County, and the Kerman based buyer.
Built in 1988 and 1991, Golden Meadows is a one and two story, 196-unit apartment community that is located on West California Avenue in Kerman, CA. The property comprises 24 residential buildings totaling 128,910 rentable square feet, and 3 common area buildings. The complex is situated on an approximately 7.94-acre site. The apartment community features spacious studio, one, two and three-bedroom floor plans with an average size of 658 square feet. The property features 2 large sparkling pools, outdoor BBQ/Picnic area, reserved covered parking, and 2 on-site laundry facilities. It is walking distance to numerous jobs.
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.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190514005021/en/
CONTACT: The Mogharebi Group
Otto Ozen| 909.235.7889
Executive Vice President
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES FINANCE CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE RESIDENTIAL BUILDING & REAL ESTATE
SOURCE: The Mogharebi Group
Copyright Business Wire 2019.
PUB: 05/14/2019 11:22 AM/DISC: 05/14/2019 11:22 AM