RIVERSIDE, CA—The Mogharebi Group, (“TMG”) has completed the sale of Las Casitas Apartments, a 71-unit community that is located on Correll Street in Riverside, CA. The property sold with multiple offers for a sales price of $11.55 million. The buyer was an Inland Empire based private investor.
“Due to the bungalow configuration, desirable unit mix, low price per unit of this property, and upside with a value-add program, there was significant interest in this deal,” says Otto Ozen, Executive Vice President of TMG. “Over the last couple of years, the Magnolia neighborhood has been improving with better shopping options and home renovations. The gentrification spurred additional interest in this deal enhanced the feasibility of a value-add. Despite the upside, the buyer in this case was ultimately attracted to this deal by the unique unit configuration and location.”
Alex Mogharebi and Otto Ozen of TMG represented the seller, a private investor based in Orange County, and the Inland Empire based buyer.
Built in 1971, Las Casitas is a one story, 71-unit apartment community that is located on Jurupa Avenue and Correll Street in Riverside, CA. The property comprises 15 residential buildings totaling 61,639 rentable square feet. The complex is situated on a 3.92-acre site. The apartment homes feature spacious one, two, three, and four-bedroom floor plans with an average size of 868 square feet. The property boasts a swimming pool & spa, 3 laundry facilities, BBQ area, and covered parking.
With unrivaled local knowledge, an extensive global network of top real estate investors, state of the art technology, and direct access to capital, The Mogharebi Group is the best choice to meet the needs of major private investors and investment funds.