LA-Area Property Changes Hands for $10M
- Nov 14, 2018
Positive Investments has sold Twin Palms, an 83-unit community in Pomona, Calif., for $10.4 million or $126,829 per unit. The Mogharebi Group arranged the sale and represented both the seller and the buyer, a Los Angeles-based investor.
Located at 1514 W. Mission Blvd., Twin Palms is near the intersection of freeways 71 and 57 and Interstate 10 and around 28 miles from downtown Los Angeles. Additionally, the community is surrounded by many dining, shopping and entertainment options, including Rio Rancho Mall, Pomona Ranch Plaza, American Museum of Ceramic Art and The Fox Theatre.
Constructed in 1964, the two-building property occupies 1.4 acres and comprises a mix of studios and one-bedroom units, averaging 620 square feet. The buildings feature community amenities such as controlled access, two swimming pools, two laundry facilities, covered parking spaces.
“Due to the low price per unit, solid cash-on-cash return, and proven rental growth, the buyer pool was large,” said Otto Ozen, executive vice president of The Mogharebi Group, in prepared remarks.
The Mogharebi Group’s brokerage team included Ozen and President & Founder Alex Mogharebi. In March, the firm also brokered the sale of Four Creeks Apartment Homes in Visalia, Calif., for $19.2 million.
Image courtesy of Yardi Matrix