SAN BERNARDINO, CA — The Mogharebi Group, (“TMG”) has completed the sale of Debwany Apartments in San Bernardino, an 80-unit community, located at 2936 Loma Ave. The property sold with multiple offers for $11,500,000. The buyer was a private investment group out of Southern California.
“Due to the proven value-add upside, and Opportunity Zone designated location, there was a significant amount of interest with this investment,” says Bryan Labar, Vice President of TMG. “To maximize the value of this community, we aggressively marketed it to our deep pool of 1031 exchange buyers as well as an expansive network of private and high-net-worth investors, we were able to drive the value.” Mr. Labar concluded, “The property represented a great value with strong upside that required the right buyer to maximize its full potential.”
Otto Ozen and Bryan LaBar of TMG represented the seller, an Orange County-based private investor.
Built-in 1984 and 1963, Debwany Apartments is a two-story, 80-unit apartment community that is located on Loma Avenue in San Bernardino, CA. The property comprises 60,620 square feet of rentable space and is situated on a 2.23-acre site. Debwany Apartments features spacious one-, two-, and three-bedroom floor plans.