Mogharebi Group Arranges $45M Sale of California Community
The disposition of The Heights at Grand Terrace represents a record sale for Grand Terrace, Calif.
The Heights at Grand Terrace. Image courtesy of The Mogharebi Group
The Mogharebi Group has completed the $45.5 million sale of The Heights at Grand Terrace, a 228-unit community in Grand Terrace, Calif.
The acquisition represented a 1031 exchange and record for apartment communities in Grand Terrace, according to The Mogharebi Group Executive Vice President Otto Ozen.
The Heights at Grand Terrace is a 19 building community located on 22491 De Berry St. Developed in the 1970s on a 9-acre site, the property is situated near schools, shopping centers and restaurants.
The two-story buildings offer residents a mix of one- and two-bedroom units, select featuring in-unit washer-dryers, large patios and walk-in closets. Residential amenities include a resort-style pool and spa, fitness center, private clubhouse, multimedia room, semi-private patios and private garages.
The Mogharebi Group’s Alex Mogharebi and Ozen represented the seller, a private group based in San Diego and an East Coast based buyer. Earlier this year, the duo assisted in the $42 million sale of a Sacramento-area property.
