ANAHEIM, CA — The Mogharebi Group, (“TMG”) has completed the sale of ECHO116 in Anaheim, a 116-unit community located at 1727 Glenoaks Avenue. The property sold with multiple offers for a Northwest Anaheim area record price of $37,250,000, equating to $321K per unit or a record-setting price per square foot of $494. The buyer is a private investment group out of the San Jose area.
"ECHO116 has gone through extensive renovations, with approximately $2.3M spent on the unit and common area renovations. Plus, Northwest Anaheim rents have been rapidly rising, and vacancy has been negligible,” says Otto Ozen, Executive Vice President of TMG. “As a result, there was a high level of interested buyers for this asset with multiple offers. It was our proprietary 1031 exchange platform, of private high net-worth and exchange buyers, that ultimately procured a private investor.”
Alex Mogharebi and Otto Ozen of TMG represented the buyer, a San Jose-based private investment group.
Built in 1969 and 1970, ECHO116 Apartments is a two-story, 116-unit apartment community that is located on Glenoaks Avenue in Anaheim. The property comprises four residential buildings totaling 75,040 rentable square feet. The complex is situated on a 1.432-acre site. The apartment homes feature spacious two-bedroom and one-bedroom floor plans with an average size of 647 square feet. The property boasts a swimming pool, clubhouse with full kitchen and fireplace, clay tennis court, tot lot, outdoor picnic area with barbeque, community laundry room, fitness center, dog park, and reserved parking.