DAVIS, Calif.–The Mogharebi Group, (“TMG”) has completed the sale of Cambridge House, a 140-unit community that is located on Pole Line Rd in Davis, CA. The property sold with multiple offers for a sales price of $42 million or $300,000 per unit.
“Cambridge House is located near the University of California Davis, a top ranked regional university in the U.S. The property is in turnkey condition, highly amenitized and offers a student housing conversion 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 large network of private exchange buyers, and ultimately sold at a record setting price for similar properties in the area.”
Alex Mogharebi and Otto Ozen of The Mogharebi Group represented the seller, a private investment group based on the east coast, and the buyer, based in the Bay Area.
Built on 3.92-acre site, Cambridge House boasts a resort-style swimming pool with poolside fire pit & BBQ area with hammocks. A game room with full-sized air hockey table, pop-a-shot basketball, full sized pool table, and ping pong. There is also a relaxing swing garden with hanging chairs, secure access bicycle storage room with 20 bicycle racks and an off-leash dog park.
The University of California, Davis is considered a Tier-1 research university, with an endowment of $1.66 billion in 2019. It has experienced positive growth and expansion in recent years and as of fall 2019, had a total student population comprising 39,629 undergraduate and graduate students.
About The Mogharebi Group (TMG)
The Mogharebi Group is a brokerage firm specializing in the multifamily property sector throughout California. With unrivaled local knowledge, an extensive global network of top real estate investors, a fully integrated platform, and direct access to capital, The Mogharebi Group is the best choice to meet the needs of major private investors and investment funds.