Mogharebi Closes Record Breaking Sale in Fairfield, CA
The company closed the sale of Spring Meadows Apartments at a $160,000 price per unit. This marks a record price for communities built before 2000 comprising more than 30 units.
By Evelyn Jozsa
The Mogharebi Group has completed the sale of Spring Meadows Apartments, a 120-unit community, in Fairfield, Calif., for $19.2 million or $160,000 per unit. The per unit price represents a record price for communities built before 2000 and comprise more than 30-units in Fairfield. The firm represented the seller, Dinesh Mangalick, a private investor. The buyer is also a private investor, based in the Central Valley.
Situated at 1600 Travion Court, the property occupies 5.4 acres and is two miles from Interstate 80, which connects Fairfield to the Bay Area and Sacramento. The property also provides access to many shopping destinations, including Solano Town Center, Gateway Courtyard and Oakmont Plaza. Built in 1964, Spring Meadows Apartments is a two-story building comprising two-bedroom units, averaging 825 square feet. Community amenities include:
- swimming pool
- barbecue areas
- 15 laundry facilities
- 190, grade-level parking spaces
- leasing office
The area has experienced a strong rental growth, with an occupancy rate of 97 percent within three miles of the property. Spring Meadows Apartments is fully leased.
“The North Bay and other secondary markets in the Bay Area are experiencing tremendous growth as tenants seek refuge from the housing shortage in San Francisco and Silicon Valley. We expect upward pricing in this market to persist as Bay Area employment continues to expand,” said Otto Ozen, executive vice president of The Mogharebi Group, in prepared remarks. In July, the company brokered the sale of two properties located in Modesto, Calif. for $32.6 million.
Image courtesy of Yardi Matrix