MANTECA, Calif.–The Mogharebi Group, (“TMG”) has completed the sale of Union North, a 91-unit multifamily community [located at 350 N Union Rd. In Manteca]. The property sold with multiple offers for a sales price of $29,250,000 , which equates to approximately $321,000 per unit or $394 per square foot. The buyer was a private investor based in Arcadia, CA.
“The property is 100% occupied with solid cash flow and value-add upside. As a result, Union North presented the Buyer with a tremendous opportunity to increase their returns and perfectly fit their investment criteria,” said Otto Ozen, Executive Vice President of The Mogharebi Group. “It was our proprietary 1031 exchange platform of private high net-worth and exchange buyers that ultimately procured a private investor who was in a 1031 Exchange and purchased the property as his up-leg.”
Alex Mogharebi and Otto Ozen of The Mogharebi Group represented the seller, a private investment group based in Central California.
Built in 1974 and 1979, Union North is a one- and two-story, 91-unit apartment community located on North Union Road in Manteca, CA. The property is comprised of 23 residential buildings totaling 74,319 rentable square feet and is situated on a 6.55-acre site. Union North features spacious two- and three-bedroom townhomes with an average size of 817 square feet. Each unit features a washer / dryer, large private patio, and an attached single-car garage. The community also boasts a sparkling swimming pool and relaxing spa, outdoor picnic area with BBQs, and controlled access.
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.