NorCal Asset Trades for $18M
Paradise Apartments in Chico changed hands for $110,976 per unit. The Mogharebi Group worked on behalf of both parties in the transaction.
A group of private investors from Los Angeles has sold Paradise Apartments for $18.2 millions, or $110,976 per unit. Los Angeles-based MHE partnered with Redstone Residential from Utah to acquire the 164-unit property in Chico, Calif., and took out an $11 million loan from First Republic Bank to finance the acquisition, according to Butte County records. Redstone will provide property management services for the community.
Located at 1115 W. Sacramento Ave. in a dense residential area, the property features floorplans ranging from one- to four-bedroom apartments. Paradise Apartments is less than 1 mile away from California State University Chico and close to a variety of sports venues. The community comprises 34 two-story buildings. Amenities include three swimming pools, clubhouse, fitness center and covered parking.
Otto Ozen, Alex Mogharebi and Bryan LaBar of The Mogharebi Group represented both parties in the transaction. Recently, another NorCal property changed hands. Burbank Housing Development purchased the 56-unit Parkwood in Santa Rosa.
Image via Google Street View