100% occupancy with solid cash flow and value-add upside drives sale of Union North

91-Unit, $29.25 Million Sale in Manteca, CA

Tuesday, November 2, 2021

MANTECA, CA — The Mogharebi Group, (“TMG”) has completed the sale of Union North, a 91-unit community that is located on Union North Road in Manteca, CA. The property sold with multiple offers for a sales price of $29,250,000 million that equates to $321K per unit or $394 per square foot. The buyer was a private investor out of Arcadia, CA.

"The property is 100% occupied with solid cash flow and value-add upside. As a result, Union North presented the Buyer with a tremendous opportunity to increase his returns and perfectly fit their investment criteria", said Otto Ozen, Executive Vice President of The Mogharebi Group. " It was our proprietary 1031 exchange platform, of private high net-worth and exchange buyers, that ultimately procured a private investor who was in a 1031 Exchange and purchased the property as his up-leg.”

Alex Mogharebi and Otto Ozen of The Mogharebi Group represented the seller, a private investment group, based in Central California.

Built in 1974 and 1979, Union North is a one and two story, 91-unit apartment community that is located on North Union Road in Manteca, CA. The property comprises 23 residential buildings totaling 74,319 rentable square feet. It is situated on a 6.55-acre site. Union North features spacious two- and three-bedroom townhomes with an average size of 817 square feet. Each unit features a washer / dryer, large private patio, and an attached parking garage. The community also boasts a sparkling swimming pool and relaxing spa, outdoor picnic area with BBQs, and controlled access.