FAIRFIELD, CA — The Mogharebi Group, (“TMG”) has completed the sale of Elements @ 1600, a 120-unit community located on Travion Court in Fairfield, CA. The property sold with multiple offers for a sales price of $30,000,000 that equates to $250,000 per unit or $299 per square foot. The buyer was a private investor out of Arcadia, CA.
“Elements @ 1600 was highly attractive to investors and it had a proven ‘value-add’ repositioning upside. As a result, there was a significant amount of buyer interest,” says Otto Ozen, Executive Vice President of The Mogharebi Group. “We generated multiple offers from our network of private high net worth and 1031 exchange buyers, that garnered a great deal of interest and ultimately closed at a record sale price.” Mr. Ozen concluded.
Alex Mogharebi and Otto Ozen of The Mogharebi Group represented the seller, a private investment group, based in Central California.
Elements @ 1600 is a two story, 120-unit apartment community that is located on Travion Court in Fairfield, CA. The property comprises 15 residential buildings totaling 100,200 rentable square feet. It is situated on a 5.43-acre site. Elements @ 1600 features spacious two-bedroom units and studios with an average size of 835 square feet. Each unit features wood laminate flooring, large private patio, and assigned parking. The community also boasts a sparkling swimming pool, expansive green space, picnic area, and a tot lot.