TMG Facilitates Sale of California Community
The property located in Visalia, Calif., traded to a Santa Barbara-based private investment group for $19.2 million, which equates to $131,507.
By Evelyn Jozsa
Four Creeks Apartment Homes
The Mogharebi Group has arranged the sale of Four Creeks Apartment Homes in Visalia, Calif., for $19.2 million or $131,507 per unit. The firm represented the seller, a Bay Area private equity group as well as the buyer, a private investment group based in Santa Barbara.
The 146-unit community is located on 14 acres at 2800 E. Douglas Ave., near Highway 198. The property was built in two phases, in 1985 and 1987, and comprises a mix of one-, two-, and three-bedroom townhomes averaging 1,278 square feet. The homes feature washers and dryers as well as an attached garage or carport.
Community amenities include:
- barbecue and picnic area
- two swimming pools
- spa
- leasing office
- clubhouse
“This transaction represents a record for apartment communities in Visalia. The record-setting price is attributable to several factors, including a lack of inventory available, our proprietary exchange platform, the high quality of the asset with all townhome floorplans and strong rental growth in the submarket,” said Otto Ozen, executive vice president of TMG, in prepared remarks.
Image courtesy of Yardi Matrix
