INDIO, CA - The Mogharebi Group (“TMG”) has completed the sale of Mountain View Cottages, a 311-unit community that is located on Arabia Street in Indio, CA. The property sold with multiple offers for a sales price of $15.5 million. The buyer was a Simi Valley based private investor.
“Due to the low price per unit and attractive yield 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. Additionally, the neighborhood is experiencing growth due to new construction that is fueled by tourism demand from the increasing festival activity in the area.”
Alex Mogharebi and Otto Ozen of TMG represented the seller, a private investment group based in the San Gabriel Valley, and the Simi Valley based buyer.
According to Alex Mogharebi, “This sale demonstrates that private investors are outpacing other buyer types even through a rising-interest rate environment.”
Built on a 12.42-acre site in 1965, Mountain View Cottages is located at 46289 & 46299 Arabia Street in Indio. The community is near to the Indio Fairgrounds and the Larson Justice Center. It is minutes to the Empire Polo Club which is the site of renowned festivals including Coachella, Desert Trip, and Stagecoach.
Mountain View Cottages offers the finest in common area amenities. There is a sparkling swimming pool and a fun playground that is surrounded by a tropical landscape and beautiful mountain views. All the units are bungalow style, meaning that residents don’t share a wall with other units.
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.
Source: The Mogharebi Group / #Apartments #Multifamily