TMG Brokers Sale of OC Community
The Landing, a 52-unit community in Newport Beach, Calif. changed hands for $18.5 million or $355,769 per unit. The Mogharebi Group worked on behalf of both parties.
By Evelyn Jozsa
The Landing, Newport Beach, Calif.
The Mogharebi Group (TMG) has arranged the sale of The Landing, a 52-unit community in Newport Beach, Calif. The community sold to a private investor based in Orange County, for $18.5 million, which equates to $355,769 per unit or $413 per square foot.
The Landing occupies 1.8 acres at 20102 Birch St., alongside State Route 73 and near the intersection of freeways 55 and 405. The property also offers access to various shopping and employment options in the South Coast Metro, Fashion Island and Irvine Office markets. Constructed in 1971, the building comprises a mix of one- and two-bedroom units, averaging 862 square feet.
Community amenities include:
- swimming pool
- laundry room
- fitness center
- controlled access
- reserved parking
- leasing office
“Due to our relationship with the seller, we were able to convince the seller to provide the buyer time to market their downleg. In a short period of time, we were able to successfully market the buyer’s downleg and close on The Landing at 97 percent of list price,” said Mike Marcu, senior vice president of TMG.
Mike Marcu of TMG represented the seller, a private investment group located in the San Gabriel Valley, and the Orange County-based buyer.
Image courtesy of Yardi Matrix
