COSTA MESA, CA - The Mogharebi Group, (“TMG”) has completed the sale of Spring Mountain, a 184-unit community that is located off the Interstate 5 in Corning, CA. The property sold with multiple offers for a record-setting sales price of $14.45 million.
“This transaction represents a record for apartment communities in Corning. The record-setting price is attributable to several factors including, a lack of available inventory, the high quality of the asset with all two-bedroom floorplans, and a very stable rental market,” says Otto Ozen, Executive Vice President of The Mogharebi Group. “As a result, there was a high level of interest from buyers for this asset. Through our proprietary 1031 exchange platform that includes a robust network of private, high-net-worth, and exchange buyers, we were able to drive the value and successfully closed within 97% of the Pre-COVID asking price.”
Alex Mogharebi and Otto Ozen of The Mogharebi Group represented the seller, a private investment group based in Southern California.
Built-in 1986, Spring Mountain is a two-story, 184-unit apartment community that is located on 240 Edith Ave. The property comprises 15 buildings totaling 174,972 rentable square feet. The buildings are situated on a 9.96-acre site. Spring Mountain boasts a resort-style swimming pool, clubhouse with a full kitchen, outdoor BBQ & entertainment area, leasing center, business center, fitness center, and a mix of covered and surface 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, 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. For more information visit: Mogharebi.com