SOUTH PASADENA, FL –The Mogharebi Group ("TMG") has completed the sale of Bayside Villas Apartment Homes, a 70-unit community in Florida. The property sold for $12,925,000. Mike Marcu and Otto Ozen of The Mogharebi Group represented the Buyer, a Florida-based investor.
"This central Florida coastal community presented a flight to quality value and perfectly fit the buyer’s investment criteria" said Mike Marcu, Senior Vice President of The Mogharebi Group. "However, it was our proprietary 1031 exchange platform and network of private high net-worth and exchange buyers that ultimately helped a California property owner sell their low-yield, high-priced California asset and purchase a high-quality waterfront apartment community in Florida.”
Built in 1965 and 1972 on a 1.6-acre site, Bayside Villas Apartments Homes is located at 1824 & 1846 South Shore Drive South in South Pasadena. The property is near to numerous retail shopping plazas, restaurants, Palms of Pasadena Hospital, Ceridian HCM Software, and Boco Ciega High School.