NORWALK, CA –The Mogharebi Group ("TMG") has completed the sale of a 20-unit community in Norwalk, CA. The property sold for $4,800,000 with multiple competing offers. Brett Bayless and Keon Truth of The Mogharebi Group represented the seller, a Southern California-based investor.
"The property is in a great location and is 100% occupied with rental upside. As a result, this Los Angeles County community presented tremendous upside value, and perfectly fit for the buyer’s investment criteria." said Brett Bayless, Senior Vice President of The Mogharebi Group. "However, it was our proprietary 1031 exchange platform of private high net-worth and exchange buyers that ultimately drove up the price and procured a private investor from Southern California who was in a 1031 Exchange and closed in a 28-day period.”
Built on a .73 acre site in 1955, Elmcroft Apartments is a single-story constructed asset located at 12010 Elmcroft Avenue in Norwalk. A member of the Gateway Cities, Norwalk is within a 30-minute drive to 2.4 million jobs. The property is within walking distance of Studebaker Elementary School and Lakeside Middle School.