Newer build, 100% affordable housing community sells for over list price with multiple offers

72-Unit, $5.05 Million Sale in Brawley, CA

Friday, September 10, 2021

Brawley, CA — The Mogharebi Group, (“TMG”) has completed the sale of Valle del Sol, a 72-unit affordable community located at 1605 C Street. The property was sold above the list price with multiple offers for $5,050,000.  Otto Ozen and Bryan LaBar represented the seller, Southern California-based investor. The buyer was a private investor based out of Southern California. 

“Valle del Sol is a newer build, 100% affordable housing community,” said Bryan LaBar, Senior Vice President 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 2008, Valle del Sol is a two, 72-unit, affordable housing community. The property comprises two residential buildings totaling 67,672 rentable square feet. The complex is situated on a 3.83-acre site. The apartment homes feature spacious one, two, and three-bedroom floor plans with in-unit washer / dryer hookups. The property boasts a clubhouse, playground, laundry facility, and swimming pool.