Fairmont Management Sells Orange County Asset for $37M

The company invested $2.3 million in upgrades prior to the sale.

Echo116. Image courtesy of The Mogharebi Group

Echo116, a 116-unit community in Anaheim, Calif., has traded. Fairmont Management sold the property for $37.2 million to a private San Jose investment group. The seller had purchased the property in 2017 for $22.5 million, Yardi Matrix data shows.

Completed in 1970, Echo116 comprises studio, one- and two-bedroom apartments ranging from 575 to 919 square feet. Community amenities include a pool, clubhouse with a kitchen and fireplace, tennis court, outdoor picnic area, community laundry room, fitness center and dog park.

Located at 1727 Glenoaks Ave., the property is within walking distance of a variety of dining options and less than a mile away from the Anaheim Plaza. The Sage Park and AHMC Anaheim Regional Medical Center are also within 1 mile of the property.

Founder & President Alex Mogharebi and Executive Vice President Otto Ozen of The Mogharebi Group represented the seller.

The property commanded a record price due to rising rents in the area, but also due to the $2.3 million in renovations invested by the former owner, Ozen mentioned in prepared remarks. The community traded for $321,000 per unit, or a record $494 per square foot, according to TMG. 

Just last week, TMG also brokered the sale of a 96-unit community in Merced, Calif.

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