Downey, CA — The Mogharebi Group, (“TMG”) has completed the sale of a portfolio comprising 28 apartment units that are located throughout the city of Downey. The portfolio sold with multiple offers for a record-setting sales price of $8.975 million.
“The Downey portfolio is a collection of five well maintained, pride of ownership assets located in a highly desirable Los Angeles County market. The sale marks the first time three of the five assets in the portfolio have been sold,” says Brett Bayless, Senior Vice President of The Mogharebi Group. “As a result, there was a high level of interested buyers for this portfolio. Through our proprietary platform that includes a robust network of private, high-net-worth, and 1031 exchange buyers, we were able to drive the value and successfully close in a 90-day period.”
The portfolio sold with multiple offers and closed at a total sales price of $8.975 million. Brett Bayless and Otto Ozen of TMG represented the seller, an Orange County-based family partnership. The buyer was a Los Angeles-based private investor.
8610-8616 5th Street, 10309 Downey Avenue, 10630 La Reina, 8361 5th Street were all located in the city of Downey which is a gateway city to the Los Angeles Metro Market and is less than 30 miles from robust employment hubs of Downtown LA, Port of Long Beach, Silicon Beach, and Irvine Business Center. The communities are walking distance to Downtown Downey’s outdoor lifestyle retail shops, restaurants and Stonewood Center, a shopping mall with 150 stores and services and over 930,000 SF of retail, restaurants, and entertainment venues.