The Mogharebi Group has facilitated the sale of Axis at Compass Pointe, a 96-unit community in Merced, Calif. A private investment group from the San Diego area acquired the property for $23.5 million, with TMG Senior Investment Advisor Nazli Santana and Executive Vice President Otto Ozen working on behalf of the buyer.
Yardi Matrix data shows that the former owner of the 12-building asset is Cogent Bay. According to the same data provider, Axis at Compass Pointe became subject to a $14.8 million Fannie Mae loan in February 2021.
Located at 3779 Horizon Ave. on a 4.8-acre site, the property is within 2 miles of the Mercy Medical Center and 1.5 miles away from Merced College.
Completed in 2019, Axis at Compass Pointe stands two stories tall and encompasses one-, two- and three-bedroom apartments, averaging 1,000 square feet. Common-area amenities include a clubhouse, fitness center and leasing office.
Santana mentioned in a prepared statement that Axis at Compass Pointe is the only community added to the city’s multifamily inventory since 2013. This is why the asset changed hands at a record price for the market. TMG has been active in other parts of California, as well. In the summer, the firm brokered the sale of a 79-unit senior housing community in San Bernardino for $18 million.