ANAHEIM, Calif.–(BUSINESS WIRE)–The Mogharebi Group, (“TMG”) has completed the sale of Echo116 in Anaheim, a 116-unit community located at 1727 Glenoaks Avenue. The property sold with multiple offers for a Northwest Anaheim area record price of $37,250,000, equating to $321K per unit or a record-setting price per square foot of $494. The buyer is a private investment group out of the San Jose area.
“Echo116 has gone through extensive renovations, with approximately $2.3M spent on the unit and common area renovations. Plus, Northwest Anaheim rents have been rapidly rising, and vacancy has been negligible,” says Otto Ozen, Executive Vice President of TMG. “As a result, there was a high level of interested buyers for this asset with multiple offers. It was our proprietary 1031 exchange platform, of private high net-worth and exchange buyers, that ultimately procured a private investor.”
Alex Mogharebi and Otto Ozen of TMG represented the buyer, a San Jose based private investment group.
Built in 1969 and 1970, Echo116 Apartments is a two-story, 116-unit apartment community that is located on Glenoaks Avenue in Anaheim. The property comprises four residential buildings totaling 75,040 rentable square feet. The complex is situated on a 1.432-acre site. The apartment homes feature spacious two-bedroom and one-bedroom floor plans with an average size of 647 square feet. The property boasts a swimming pool, clubhouse with full kitchen and fireplace, clay tennis court, tot lot, outdoor picnic area with barbeque, community laundry room, fitness center, dog park, and reserved parking.
About The Mogharebi Group (TMG): The Mogharebi Group is a brokerage firm specializing in the multifamily property sector throughout the Western United States. With unparalleled local market knowledge, an extensive global network of top real estate investors, state-of-the-art technology, and direct access to capital with over $800MM in regularly revolving inventory, The Mogharebi Group is the best choice to meet the needs of major private investors and investment funds.
For more information visit: Mogharebi.com