COSTA MESA, CA (June 3, 2022) — The Mogharebi Group (TMG) has arranged the private sale of The Oasis, a 28-unit community in the San Diego County city of Spring Valley, CA. Ben Ketel and Jordan Pakzad of TMG represented the seller, a private investment group out of San Diego, CA.
Built in 1991 and completely renovated in 2021, The Oasis is a two-story, 27-unit + 1 retail space garden-style apartment community located in the San Diego-Chula Vista-Carlsbad metropolitan area of Southern California. The property, totaling 20,526 rentable square feet, comprises 27 units + 1 retail space: Cali Comfort BBQ, a barbeque restaurant that Nation’s Restaurant News has listed as one of the top 8 emerging restaurant chains of 2022. The Oasis has been fully remodeled with stainless steel kitchen appliances, quartz countertops, new light fixtures, cabinetry, paint, and wall-to-wall hardwood plank flooring.
“Due to the attractive unit mix and strong cash flow, The Oasis was perfectly positioned for the buyer to increase their returns and fit their investment criteria,” said Jordan Pakzad from The Mogharebi Group. “Through our expansive network of private and high-net-worth investors, which includes a diverse pool of 1031 exchange buyers, we were able to drive up the property value, receive multiple offers, and ultimately close at a solid price for a high-demand property.
According to Redfin, as of April 2022, Spring Valley home prices were up 21.4% compared to last year, selling for a median price of $725K. As one of the most expensive housing markets in the country, San Diego County’s median single-family home price reached $800,000 in March 2021, as reported by the California Association of Realtors. This equates to an 18.5% gain over last year and 4.6% over the previous month of February, making homeownership challenging for many and increasing demand for multifamily housing.