TMG Sells CA Value-Add Community for $12M
- Mar 27, 2017
Riverside, Calif.—The Mogharebi Group completed the sale of Garden Estates Apartment Homes, located at 5618 Tilton Ave. in Riverside, Calif. for $11.7 million. Alex Mogharebi and Otto Ozen of TMG represented both the buyer and seller.
The 200-unit community sits on a 6.13-acre site and was originally built in 1964. Garden Estates offers studio and one-bedroom floorplans ranging from 440 to 550 square feet, according to Yardi Matrix. Residents have access to a swimming pool, laundry facilities, barbecue picnic area, playground 300 parking spaces, outside storage and private balcony/patios. The community comprises eight one-story buildings.
“Due to the bungalow configuration and low price per unit of this property, the potential buyer pool was significant in size,” says Alex Mogharebi, president of TMG. “To maximize the value of this community, we aggressively marketed it to our list of high net worth private clients several of whom are in exchange. Not only did the property have a strong going in yield, it also provided upside with improved management and renovations.”
Image courtesy of TMG