FRESNO, CA –The Mogharebi Group ("TMG") has completed the sale of Park West Apartment Homes, a 256-unit apartment community located in California’s Central Valley. Alex Mogharebi, Otto Ozen, Robin Kane, and Brendan Kane of The Mogharebi Group represented the seller, a longtime owner based in Southern California. The buyer was a private capital investor also based in Southern California. The property sold for $29,250,000 and generated multiple offers.
“Due to the size of the property, attractive unit mix and long-term ownership, Park West Apartment Homes presented a true, value-add opportunity that garnered a great deal of interest” said Otto Ozen, Executive Vice President of The Mogharebi Group. “Through our proprietary 1031 exchange platform which includes a robust network of private, high net-worth and exchange buyers, we were able to drive the value and successfully close.”
Built on a 23-acre site in 1973, Park West Apartment Homes is located at 2407 West Alamos Avenue in Fresno. The community has great exposure on their fronting roads and is within a 30- to 60-minute commute to over 812,000 jobs. Park West features an attractive array of community amenities, including two sparkling swimming pools and spas, tennis courts, basketball courts, garages, covered parking, leasing center, clubhouse with kitchen facilities, laundry facilities, and a commercial building that is leased to a day care center. Park west is located within a short walk of Shaw Retail Corridor that is home to Costco, Target, Food Maxx, Walmart Super Center, numerous restaurants, and more.