Moreno Valley, CA — The Mogharebi Group, (“TMG”) has completed the sale of Victory Gardens Homes, a 30-unit community located at 13989 Moreno Rose Place in Moreno Valley, California. The property sold with multiple offers for a record-setting sales price of $6.76 million or $225,000 per unit.
“Due to below market rents, desirable location, attractive property layout, and 4.5 acres of excess developable land, Victory Gardens presented a tremendous value-add and development upside opportunity.,” says 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 at a record price for Moreno Valley.”
Bryan LaBar and Otto Ozen of The Mogharebi Group represented the seller, an out-of-state private investor. The buyer was a private investment group based in Southern California.
Built in 1954, Victory Garden Homes is a 30-unit apartment community that comprises 30 residential buildings totaling 30,000 rentable square feet. The community is situated on an 8.99-acre site that features spacious three-bedroom and four-bedroom floor plans with an average size of 1,000 square feet. The property boasts a community garden, excess land, garden courtyard, and leasing office. The individual units include patios, washer/dryer hookups, attached single-car garages, and private yards.