Mogharebi Group Arranges $11M Affordable Community Sale
A California-based affordable housing investor acquired the property.
The Mogharebi Group has facilitated the sale of Sunnyview Villa Apartments, a 44-unit affordable housing community in Palm Springs, Calif.
A California-based affordable housing investor acquired the property for $11.3 million, with Mogharebi Group’s Executive Vice President Otto Ozen working on behalf of the private investor sellers.
Completed in 1980, Sunnyview Villa Apartments encompasses seven two-story buildings with two- and three-bedroom floorplans.
Located at 2900 N. Indian Canyon Drive, on a 3.8-acre site, the property is near Route 111 and Interstate 10. There’s an abundance of dining options, retail spaces, green areas and entertainment venues in the property’s proximity, including Palm Springs Art Museum Architecture and Design Center, and Moorten Botanical Garden. Desert Regional Medical Center is only 1.5 miles from the community and Palm Springs International Airport is situated within 4.7 miles.
Ozen said in prepared remarks that the company was able to close the transaction at full asking price due to the community’s location in an area with strong affordable housing demand.
The housing crisis along with the sky-high demand for affordable housing in California are well known. Wakeland Housing and Development Corp.’s President & CEO Rebecca Louie elaborates on what is hindering construction in the state and how she plans to boost affordable housing production in this interview with Multi-Housing News.