Los Angeles Age-Restricted Community Sells for $34M
- Aug 16, 2019
Benedict Canyon Equities has sold Sagewood Gardens, a 162-unit age-restricted community near Los Angeles, to Positive Investments for $33.6 million, according to Yardi Matrix. The sale was subject to a $23.5 million Freddie Mac acquisition loan from Capital One. The Mogharebi Group represented both parties in the deal.
Located at 14814 Gale Ave. in Hacienda Heights, Calif., Sagewood Gardens is near the Pomona Freeway, 3 miles northwest of central Hacienda Heights. The property is less than 20 miles east of downtown Los Angeles and within 5 miles of three hospitals.
Developed in 1988 on 5.3 acres, the community consists of 21 one- and two-story buildings. The property contains a mix of one- to four-bedroom apartments ranging from 530 to 1,450 square feet. Communal amenities include a fitness facility, a resident lounge, covered parking and an activity center. The asset was 98.8 percent occupied as of July, per Yardi Matrix data.
The Mogharebi Group’s Alex Mogharebi and Otto Ozen brokered the transaction. Earlier this year, the same team represented both parties in the $23.5 million sale of a 100-unit property north of Los Angeles.