$7.5 Million Value-Add Community in Downtown Santa Ana Sold by TMG
SANTA ANA, Calif.–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/Apartments?src=hash” target=”_blank”gt;#Apartmentslt;/agt;–The
Mogharebi Group (“TMG”) has completed the sale of 5th
Street Apartments, a 38-unit community that is located on
East 5th Street in Santa Ana. After multiple offers, the
property sold at $7,525,000. The buyer was a private investor out
of Newport Beach, Calif.
“Due to the Downtown Santa Ana near to the Regional Transportation
Center, desirable unit mix for neighborhood integration, and proven
value-add program, there was significant interest in this deal,” says Mike
Marcu, Senior Vice President of TMG. Mike
Marcu concluded, “We aggressively marketed 5th Street
Apartments in Santa Ana to our list of high net worth private as well as
exchange buyers. The asset provided a solid value-add opportunity which
generated substantial interest, resulting in multiple offers and closed
above list price. As usual, the platform worked!”
Mike Marcu and Otto Ozen of TMG represented the
seller, a private investment group located in Orange County and the
Newport Beach based buyer.
Built in 1955 and 1961, 5th Street Apartments is a two-story, 38-unit
apartment community that is located on East 5th Street in Santa Ana,
California. The property comprises two residential buildings measuring
approximately 17,179 rentable square feet. The complex is situated on a
0.72-acre site that is composed of two separate parcels. The community
features a desirable mix of spacious efficiency, studio, one-bedroom,
and two-bedroom floor plans. The property boasts a courtyard, laundry
room, leasing office, garage parking, and controlled access.
ABOUT THE MOGHAREBI GROUP
THE
MOGHAREBI GROUP (TMG), headquartered in Costa Mesa, California, is
the premier multi-family real estate services and investment firm. The
company serves real estate investors and offers a broad range of
integrated services including transaction and project management,
investment management, 1031 Exchanges, valuation; strategic consulting,
property sales. Please visit our website at www.Mogharebi.com.
Contacts
Mike Marcu, 909-371-1322, Mike@mogharebi.com
Otto
Ozen, 909-235-7886, Otto@Mogharebi.com