$37.25 Million Community in Anaheim, CA Sold by The Mogharebi Group
January 21 2022 - 09:15PM
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
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Contacts: The Mogharebi Group
Alex Mogharebi | 909.235.7888 President Alex@Mogharebi.com
Otto Ozen | 909.235.7889 Executive Vice President
Otto@Mogharebi.com