CARMICHAEL, CA — The Mogharebi Group (TMG), a leading multifamily brokerage firm in California, has completed the sale of Abby Creek Apartment Homes, a 114-unit community, located on Fair Oaks Boulevard in Carmichael, CA. The property sold with multiple offers for a record setting price of $23,175,000 that equates to $203,289 per unit or $263 per square foot. The buyer was a private investment group out of San Jose, Calif.
“At a price of over $203,000 per unit, this transaction represents a record for apartment communities in the submarket. The record setting price is attributable to several factors including a lack of available inventory, our proprietary exchange platform, the high quality of the asset, and its solid cash flow” says Otto Ozen, Executive Vice President of TMG. “We aggressively marketed Abby Creek Apartment Homes in Carmichael to our list of high net worth private and exchange buyers which generated great interest in the market and resulted in multiple offers.”
Principals Alex Mogharebi and Otto Ozen of TMG represented the seller, a private investor based in Massachusetts, and the San Jose based buyer.
Abby Creek Apartments is a two story, 114-unit apartment community that comprises 25 residential buildings totaling 87,970 rentable square feet. The complex is situated on a 4.93-acre site. Abby Creek features mostly spacious one and two-bedroom floor plans with an average size of 929 square feet. It boasts a sparkling swimming pool, 24-hour fitness center, off-leash dog park with obstacles, and outdoor BBQs throughout.
About The Mogharebi Group (TMG): The Mogharebi Group: is a brokerage firm specializing in the multifamily property sector throughout California. With unrivaled local knowledge, an extensive global network of top real estate investors, a fully integrated platform, and direct access to capital, The Mogharebi Group is the best choice to meet the needs of major private investors and investment funds.