Orange County Student Housing Community Trades for $44M
- Apr 13, 2021
The Mogharebi Group has completed the sale of Oxford North, a 100-unit student housing community in Fullerton, Calif. The property traded for $44.4 million.
Mogharebi represented the seller, a joint venture based in Southern California and the U.K., in the negotiation with the buyer, a private investment group.
Built in 1972, the 290-bed property comprises studio, two- and three-bedroom apartments. Common-area amenities include a swimming pool, spa, outdoor entertainment lounge, clubhouse, fitness center and BBQ stations. The 10-building property also has 200 parking spaces.
Located at 2000 Oxford Ave., on 4.4 acres, the community is within walking distance of California State University, Fullerton, and 30 miles from Los Angeles International Airport.
Alex Mogharebi, Otto Ozen and Mike Marcu assisted the seller in the deal. In June 2020, Mogharebi and Ozen represented the seller of Willow Creek, a 33-unit community in El Cajon, Calif. The asset traded for $8.6 million
Investors remain confident in the student housing sector, due to its recession-proof nature. However, supply is set to slow down in the coming quarters, with approximately 39,000 beds projected to be delivered in 2021.