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HAWAIIAN GARDENS, CA –The Mogharebi Group ("TMG") has completed the sale of Cypress Villas Apartments, a 22-unit community in Hawaiian Gardens. The property sold for $5,250,000 with numerous offers. Mike Marcu of The Mogharebi Group represented the seller, a Southern California-based investor.
"The property is 100% occupied with an attractive unit mix of all townhouses and value-add upside through operational and capital improvement. As a result, this Hawaiian Gardens community presented the Buyer with a tremendous opportunity to increase their returns by acquiring this property” said Mike Marcu, Senior 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 and closed within 14-days.”
Built in 1973, Cypress Villas Apartment Homes is located at 21833 Verne Avenue in Hawaiian Gardens. The property comprises two residential buildings, totaling 15,100 rentable square feet. The apartment homes feature spacious 1 and 2-bedroom floor plans with an average size of 686 square feet. The property is less than a mile from Long Beach Towne Center a 1 million square foot power center that is anchored by Sam’s Club, Lowe’s, Walmart, and benefits from The Gardens Casino, Hawaiian Gardens' largest employer.
