FAIRFIELD, Calif.–The Mogharebi Group, (“TMG”) has completed the sale of Elements@1600, a 120-unit multifamily community located on Travion Court in Fairfield, CA. The property sold with multiple offers for a sale price of $30,000,000, which equates to approximately $250,000 per unit or $299 per square foot. The buyer was a private investor based in Arcadia, CA.
“Elements@1600 was highly attractive to investors and it had a proven ‘value-add’ repositioning upside. As a result, there was a significant amount of buyer interest,” says Otto Ozen, Executive Vice President of The Mogharebi Group. “We generated multiple offers from our network of private high net worth and 1031 exchange buyers, which resulted in a great deal of activity and ultimately closed at record sale price,” Mr. Ozen concluded.
Alex Mogharebi and Otto Ozen of The Mogharebi Group represented the seller, a private investment group based in Central California.
Elements@1600 is a two-story, 120-unit apartment community located on Travion Court in Fairfield, CA. The property consists of 15 residential buildings totaling 100,200 rentable square feet and is situated on a 5.43-acre site. Elements@1600 features spacious two-bedroom units and studios with an average size of 835 square feet. Each unit features wood laminate flooring, large private patio, and assigned parking. The community also boasts a sparkling swimming pool, expansive green space, picnic area, and a tot lot.
About The Mogharebi Group (TMG): The Mogharebi Group is an advisory and 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.