FRESNO, CA –The Mogharebi Group ("TMG") has completed the sale of Sandalwood Gardens, a 124-unit apartment community located in California’s Central Valley. Robin Kane and Brendan Kane of The Mogharebi Group represented the seller, a longtime owner based in Southern California. The buyer was a private capital investor also based in Southern California. The property sold for $15,000,000 and generated multiple offers.
“Due to below market rents, attractive unit mix, long-term ownership, and desirable North Fresno location, Sandalwood Gardens presented a true, value-add opportunity that garnered a great deal of interest” said Robin Kane, Executive Vice President of The Mogharebi Group. “Through our proprietary 1031 exchange platform which includes a robust network of private, high net-worth and exchange buyers, we were able to drive the value and successfully close above list price.”
Built on a 5.45-acre site in 1986, Sandalwood Gardens is located at 3880 North Fruit Avenue in Fresno. The community has great exposure on their fronting roads and is within a 30- to 60-minute commute to over 660,000 jobs. Sandalwood Gardens features an attractive array of community amenities, including two sparkling swimming pools, garages, covered parking, leasing center and laundry facilities, and a commercial building that is leased to a daycare center. Sandalwood Gardens is located within a short drive to Trader Joes, Whole Foods Market, and numerous shops, restaurants, and more.