$9.4 Million Senior Community in Ontario, CA Sold by TMG
ONTARIO, Calif.--(BUSINESS WIRE)--Dec 20, 2018--The Mogharebi Group (“ TMG ”) has completed the sale of Villa Plaza in Ontario , a 66-unit community, located on West 4 th Street. The property sold with multiple offers for $9,360,000 that equates to $141,818 per unit or $268 per square foot. The buyer was a private investment group out of the San Gabriel Valley.
“Due to the low price per unit and location, 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 in exchange, this strategy generated multiple offers and closed at 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.”
Bryan LaBar, Otto Ozen, and Alex Mogharebi of TMG represented both the seller, a San Diego based private investor and the San Gabriel Valley buyer.
Built in 1970, Villa Plaza is a two story, 66-unit apartment community comprises 6 residential buildings totaling 34,975 rentable square feet and situated on a 1.20-acre site. Villa Plaza features one and two-bedroom units. The community also boasts a clubhouse with full kitchen, laundry facilities, covered parking, and controlled access.
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/20181220005003/en/
CONTACT: For more information, please contact:
Otto Ozen 909-235-7886Otto@Mogharebi.com
Bryan LaBar 909-371-1328Bryan@Mogharebi.com
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE RESIDENTIAL BUILDING & REAL ESTATE
SOURCE: The Mogharebi Group
Copyright Business Wire 2018.
PUB: 12/20/2018 12:18 PM/DISC: 12/20/2018 12:18 PM