VISALIA, Calif.–The Mogharebi Group (“TMG”) has completed the sale of Oak View Apartments, a 237-unit community, in Visalia. The property sold for $42,500,000 ($179,324 per unit) with multiple offers. Alex Mogharebi, Otto Ozen, Robin Kane, Brendan Kane and Mark Bonas of The Mogharebi Group represented the seller, IDEAL Capital Group based in Central California. The buyer was a private investor, based in Southern California.
“We generated a lot of interest from a broad range of buyers. However the winning bidder was a private high net-worth investor out of LA that saw the value in exchanging into Oak View from his current property, and continuing the value-add renovations in a market that is seeing strong rental demand,” said Otto Ozen, Executive Vice President of The Mogharebi Group. “Additionally, we facilitated the sale of the Buyers down-leg to allow him to complete the purchase in this exchange without any delays.”
Built on a 16.46-acre site in 1990, Oak View Apartments is located at 4700 W Caldwell Avenue in Visalia. The property comprises 48 buildings totaling 209,610 rentable square feet. The property features spacious one-, two- and three-bedroom floor plans with an average size of 884 square feet. The property features two large, sparkling outdoor pool and spas, two playgrounds, three laundry centers, business center, fitness center, basketball/volleyball courts, reserved covered parking and garages. The property is adjacent to Linwood Elementary School, La Joya Middle School and is within a 30- to 60-minute commute to over 661,000 jobs.
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, 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.
About IDEAL Capital Group (IDEAL): IDEAL Capital Group is a multifamily-focused private real estate company based in Clovis, California. IDEAL and its affiliates have completed over $1.9 billion in development volume with institutional and individual investors alike.