The Mogharebi Group, (“TMG”) has completed the sale of Tustin View Apartments, an 84-unit community that is located on Ponderosa Street in Santa Ana, CA. The property sold April 12 for $22,375,000 with multiple offers. Alex Mogharebi of TMG represented the seller, a Los Angeles-based private investor. The buyer was a private investor in exchange based in Northern California.
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“Due to the location and quality of this property, coupled with the proven value-add program, the potential buyer pool was significant in size,” says Alex Mogharebi, President of TMG. “To maximize the value of this community, we aggressively marketed it to our list of high net worth private clients who are currently looking for exchange up-legs. This strategy generated multiple offers and closed near the list price.” Mr. Mogharebi concluded, “There was tremendous investor interest in this property. Thus, the owner cherry picked the winning bidder based on a combination of price, terms and closing certainty.”
Built on a 2.83-acre site in 1968, the property is located at 2010 Ponderosa Street in Santa Ana. The neighborhood is north of Interstate-5 in Santa Ana in close proximity to Tustin. It is served by Tustin School District. Tustin View is near to numerous neighborhood retailers including Shabu Shabu Bar, Chipotle, Claim Jumper, Tutto Fresco, and Zov’s Bistro. It is a short drive to Disneyland, CHOC, Westfield Main Place Mall, Orange County Civic Center, and the Outlets at Orange.
Tustin View Apartments features attractive community amenities including a large sparkling outdoor pool with a resort-like cabana, barbecue areas, two 24-hour laundry centers, state-of-the-art fitness center, reserved covered parking, and controlled access.
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.