81-Unit Affordable Community in Madera Sold for $10,400,000

Madera, The Mogharebi Group, Sherwood Pointe

MADERA, Calif.–The Mogharebi Group, (“TMG”) has completed the sale of Sherwood Pointe, an 81-unit affordable community located at 338 W Sherwood Way. The property was sold at list price with multiple offers for $10,400,000 ($128,395 per unit). Otto Ozen, Nazli Santana, Robin Kane, and Brendan Kane represented the seller, a Central Valley based investor. The buyer was a private investor based out of Northern California.

“Sherwood Pointe is a newer build, fully affordable LIHTC housing community,” said Nazli Santana,Senior Investment Advisor of The Mogharebi Group. “As a result, there was a high level of interested buyers for this asset. However, it was our proprietary 1031 exchange platform that includes a robust network of private high net-worth and exchange buyers that ultimately drove the value and successfully closed.”

Built-in 2003, Sherwood Pointe is a two story, 81-unit, affordable housing community. The property comprises ten residential buildings totaling 86,254 rentable square feet. The complex is situated on a 4.14-acre site. The apartment homes feature spacious two, three and four-bedroom floor plans. The property boasts a clubhouse, playground, and laundry facility.

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.

West Coast Commercial Real Estate News