Property Acquisitions and Dispositions
Joint venture completes successful disposition of newly built Eden West in Tamarac
The Mogharebi Group (TMG) has arranged the $13.6 million sale of Cedar Oaks Apartments, a 98-unit multifamily community in Bakersfield, CA. Senior Vice President Mark Bonas represented the seller in the off-market transaction. Both Buyer and Seller are local Central Valley investors. According to CoStar, this sale represents the 2nd largest transaction this year in Bakersfield.
“The Buyer is an experienced Central Valley investor who wanted to add to his holdings in Bakersfield,” said TMG’s Bonas. “The Buyer reached out to TMG with a requirement to acquire a property within a specific unit size and price range. Given our experience and relationships in the area, we were able to quickly identify a property whose owner might be ready to sell. We were able to go into escrow within days.”
The garden style community sits on a 1.76-acre site at 3300 Gosford Road. Built in 1984, the property is comprised entirely of two-bedroom apartment homes. Each unit features an all-electric kitchen, washer/dryer hookups, covered parking, and access to a community pool. It is surrounded by some of Bakersfield’s most affluent neighborhoods including Olde Stockdale and Seven Oaks at Grand Island. The property also attracts students from Cal State Bakersfield, which is only two miles away, helping the property consistently achieve high occupancy levels.
The property was 98.5% leased at closing.
As a leader in multifamily investment advisory since its founding in 2015, The Mogharebi Group has been especially active in the Central Valley—closing on more than 10,000 units in the region with total value exceeding $1 billion.
The Boot Ranch Apartments added to EPC Promecap Multifamily Partners V, LLC (“Fund V”) Portfolio
Costa Mesa, CA – (October 2, 2023) The Mogharebi Group (TMG) has arranged the $17.9 million sale of Rosemont Terrace, a 100-unit garden-style multifamily community in Sacramento, CA. Mogharebi Executive Vice President Otto Ozen represented the seller, a Southern California-based private investment group.
Berkadia announces it has arranged the acquisition financing for Tavalo Tradition, a 216-townhome build-to-rent community located on one of the last developable parcels of land within the Tradition Master Planned Community in Port St. Lucie, Florida. Managing Director Scott Wadler and Senior Director Matt Nihan secured the loan on behalf of the buyer, a vehicle managed by GTIS Partners.
Berkadia announces it has arranged the sale of 1715 Douglas, an 0.87-acre development site in the heart of Downtown Coral Gables, within walking distance to Miracle Mile, six million square feet of office space and two million square feet of retail. Senior Managing Directors Roberto Pesant and Jaret Turkell, Director Yoav Yuhjtman, Associate Director Omar Morales and Associate Jose Mota of Berkadia South Florida marketed the property on behalf of the seller.
A joint venture of Archway Equities and Virtú Investments has acquired The James, a 190-unit Class A Apartment Community in downtown San Jose, CA for $74.25 million.
