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The Mogharebi Group, Situated In Anaheim, California, Has Sold A Community For $37.25 Million To A Private Investor

An apartment building with 116 units located at 1727 Glenoaks Avenue in Anaheim, owned by The Mogharebi Group, was successfully sold earlier this week, according to news reports (“TMG”). Despite the fact that it received many bids, the property sold for $37,250,000, setting a new record for the Northwest Anaheim area. Money-wise, this was similar to $321K per unit, which was also a record-breaking price per square foot of $494, which was also a new high for the area. A private investment corporation based in the San Jose area has expressed an interest in purchasing this property, according to the prospective buyer.

Unit and common space upgrades at Echo116 totaled approximately $2.3 million over the course of the past year, according to estimates. Notable is that rents in Northwest Anaheim have been steadily growing for the past several years, and vacancy has been virtually non-existent “TMG’s Executive Vice President, Otto Ozen, explains why. Because of this, the neighborhood has become increasingly desirable. As a result of the extensive attention around this asset, there was a significant degree of interest in it, and multiple bids were received. Using our proprietary 1031 exchange network, which was comprised of private high-net-worth individuals and exchange purchasers, we were able to secure the participation of a private investor.”

TMG’s Alex Mogharebi and Otto Ozen represented the buyer in the transaction, which was a private investment organization based in San Jose, California, according to the firm.

Echo116 Apartments was built between 1969 and 1970, with the final phase completed in 1970. In Anaheim, the Echo116 Apartments are a two-story building with 116 units that is located on Glenoaks Avenue. The property consists of four residential structures with a total rentable square footage of 75,040 square feet, which is split across four buildings. The entire rentable square footage of the property is spread across four buildings. There is a plot of land totaling 1.432 acres where the institution is located. Each of the apartment complexes has an average square footage of 647 square feet, with floor layouts ranging from two to one bedrooms. Pool, clubhouse with fully-equipped kitchen and fireplace, clay tennis court, tot lot, outdoor picnic area with BBQ, communal washroom and fitness center, dog park, and designated parking spaces are just a few of the amenities provided by the community center. To learn more about the community center, click here.

With its headquarters in Tehran, The Mogharebi Group (TMG) is an Iranian private equity firm with a global reach. Its headquarters are in the Western United States, and it specializes in the multifamily property market. The Mogharebi Group is a real estate brokerage firm with offices in the Western United States. It was founded in the year 1998. The Mogharebi Group, with its unrivaled local market knowledge, extensive global network of top real estate investors, cutting-edge technology, and direct access to capital through its over $800 million in regularly revolving inventory, is the best choice for meeting the needs of major private investors and investment funds around the world.

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