105-Unit Value-Add Community in Coalinga Sold by TMG
Jul. 12, 2018
COALINGA, Calif.--(BUSINESS WIRE)--Jul 12, 2018--The Mogharebi Group (“ TMG ”) has completed the sale of Coaling Station B, a 105-unit community that is located on Truman Street in Coalinga, CA. The property sold with multiple offers for a sales price of $7.9 million. The buyer was a private investment group based in 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. “To maximize the value of this community, we aggressively marketed it to our list of high net worth private clients who are currently looking for exchange up-legs, this strategy generated multiple offers and closed at over 99% of list 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 and Nazli Santana of TMG represented the seller, a Northern California based private investor and the Bay Area based buyer.
Built on a 7.0-acre site in 1987, Coaling Station B is located at 250 Truman Street in Coalinga. It is located adjacent to Highway 33, which is a 10-mile drive to Interstate 5. Interstate 5 connects Coalinga to the rest of the Central Valley. Coaling Station B is adjacent to West Hills College Coalinga, which is a public two-year community college providing higher education and sports facilities to area residents.
Coaling Station B features community amenities including a tennis court, basketball court, swimming pool, clubhouse, outdoor picnic area with barbeque, laundry facilities, garages, covered parking, and a rental office. The property offers 8 one-bedroom, 70 two-bedroom one-bath, 18 two-bedroom two-bath, 8 three-bedroom two-bath, and 1 four-bedroom two-bath units with an average unit size of 855 square feet. There are approximately 8 units that are newer, which feature washer/dryers, garage parking, and granite countertops.
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/20180712005210/en/
CONTACT: The Mogharebi Group
Otto Ozen| 909.235.7889
Executive Vice President
Nazli Santana| 909.371.1324
Senior Investment Advisor
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES FINANCE CONSTRUCTION & PROPERTY RESIDENTIAL BUILDING & REAL ESTATE
SOURCE: The Mogharebi Group
Copyright Business Wire 2018.
PUB: 07/12/2018 11:17 AM/DISC: 07/12/2018 11:17 AM