Record-Breaking Sale: Apartment Community in Cathedral City, Calif. sold by TMG
CATHEDRAL CITY, Calif.--(BUSINESS WIRE)--Nov 14, 2018--The Mogharebi Group, (“ TMG ”) has completed the sale of Presidio Park in Cathedral City, a 45-unit community, located on Gerald Ford Drive. After multiple offers, the property sold at $7,000,000 which equates to a record-setting price of $155,556. The buyer was a private investment group out of Riverside, Calif.
“At a price of over $155,556 per door, this transaction represents a record for similar apartment communities in the Coachella Valley. The price is attributable to several factors, including the quality of the asset with strong upside, a lack of available inventory, our proprietary exchange platform, and strong rental growth in the submarket,” says Otto Ozen, Executive VicePresident of TMG. According to Mike Marcu, Senior Vice President of TMG, “We aggressively marketed Presidio Park in Cathedral City 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 and resulted in multiple offers. As usual, the platform worked!”
Otto Ozen and Mike Marcu of TMG represented the seller, a family partnership located in Cathedral City, and the Riverside based buyer.
Built in 1987 and recently remodeled, Presidio Park is a two story, 45-unit apartment community that is located on Gerald Ford Drive in Cathedral City, Calif. The property comprises 4 residential buildings totaling 45,290 rentable square feet. The complex is situated on a 3.07-acre site. The property boasts a swimming pool, tennis court, outdoor picnic area with BBQs, laundry facilities, and covered parking.
ABOUT THE MOGHAREBI GROUP
THE MOGHAREBI GROUP (TMG) headquartered in Costa Mesa, California, is the premiere 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/20181114005313/en/
CONTACT: The Mogharebi Group
Otto Ozen, 909-235-7886
Mike Marcu, 909-371-1322
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: ARCHITECTURE LANDSCAPE URBAN PLANNING COMMUNICATIONS PUBLIC RELATIONS/INVESTOR RELATIONS CONSTRUCTION & PROPERTY RESIDENTIAL BUILDING & REAL ESTATE
SOURCE: The Mogharebi Group
Copyright Business Wire 2018.
PUB: 11/14/2018 11:12 AM/DISC: 11/14/2018 11:12 AM