GLENDALE, CA—The Mogharebi Group (TMG), a leading multifamily brokerage firm in California, has completed the sale of Lexington Apartments, a 29-unit community that is located on Lexington Drive in Glendale, CA. The property sold with multiple offers for a sales price of $7.9 million or $272,414 per unit. The buyer was a Glendale based private investor.
“Due to below market rents, very desirable location, strong unit mix, and good parking, Lexington Apartments presented a tremendous value add opportunity. Consequently, the buyer pool was significant in size” says Otto Ozen, Executive Vice President of TMG. “We generated multiple offers at full price from our pool of private and exchange buyers. Ultimately, it was a private buyer who stepped up to the plate and made the most attractive offer to the seller to win this deal.”
Principals Alex Mogharebi and Otto Ozen of TMG represented the seller, a private owner based in San Diego, and the Glendale based buyer.
Built in 1973, Lexington Apartments is a two story, 29-unit apartment community that comprises 1 building totaling 19,375 rentable square feet. The building is situated on a .67-acre site. Lexington Apartments features all spacious two-bedroom / 2.0-bath and 1.0 bedroom / 1.0-bathroom unit with an average size of 668 square feet. The property boasts a swimming pool, mailroom, walkways and covered parking.
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.
For more information visit: Mogharebi.com