Newer build, fully affordable LIHTC housing community draws multiple offers and sells to Northern California-based private investor

81-Unit, $10.4 Million Sale in Madera, CA

Thursday, September 16, 2021

Madera, CA — The Mogharebi Group, (“TMG”) has completed the sale of Sherwood Pointe, an 81-unit affordable community located at 338 West Sherwood Way. The property was sold at list price with multiple offers for $10,400,000.  Otto Ozen, Nazli Santana, Robin Kane, and Brendan Kane represented the seller, a Central Valley-based investor. The buyer was a private investor based out of Northern California. 

“Sherwood Pointe is a newer build, fully affordable LIHTC housing community,” said Nazli Santana, Senior Investment Advisor of The Mogharebi Group. “As a result, there was a high level of interested buyers for this asset. However, it was our proprietary 1031 exchange platform that includes a robust network of private high net-worth and exchange buyers that ultimately drove the value and successfully closed.”

Built in 2003, Sherwood Pointe is a two-story, 81-unit, affordable housing community. The property comprises ten residential buildings totaling 86,254 rentable square feet. The complex is situated on a 4.14-acre site. The apartment homes feature spacious two, three, and four-bedroom floor plans. The property boasts a clubhouse, playground, and laundry facility.