Read Full Article
Blythe, CA — The Mogharebi Group, (“TMG”) has completed the sale of Casa Encinas at River Heights, an 81-unit affordable community located at 2200 E. Donlon Street. The property sold with multiple offers at a price of $4,325,000. Bryan LaBar represented the seller, a Southern California-based investor. The buyer was a private investor also based out of Southern California.
“Casa Encinas is a partially affordable housing community located in a market with a high demand for workforce housing. Also, from a pound-for-pound, price-per-unit basis, the price was well below replacement cost, especially for a newer construction property,” said Bryan LaBar, Vice President of The Mogharebi Group. “As a result, there was a high level of interested buyers for this asset. Through our proprietary 1031 exchange platform that includes a robust network of private high net-worth and exchange buyers, we were able to drive the value and successfully close with multiple offers over the list price.”
Built in 1999, Casa Encinas at River Heights is a single-story, 81-unit apartment community that is located on 2200 E. Donlon Street in Blythe. The property comprises twenty-one residential buildings totaling 87,133 rentable square feet. The complex is situated on a 10.83-acre site. The apartment homes feature spacious two, three, and four-bedroom floor plans with an average size of 1,076 square feet. The property boasts a swimming pool, clubhouse, tot lot, and covered parking.
