Fullerton, CA—The Mogharebi Group, (“TMG”) has completed the sale of Portico Villas, a 128-unit community that is located in Fullerton, California. The property sold with multiple offers for a record-setting sales price of $49.83 million.
“Portico Villas is well maintained, recently improved community in a highly desirable Orange County market,” says Otto Ozen, Executive Vice President of The Mogharebi Group. “As a result, there was a high level of interested buyers for this asset. Through our proprietary 1031 exchange platform that includes a robust network of private, high-net-worth and exchange buyers, we were able to drive the value and successfully close in a 90-day period.”
Alex Mogharebi and Otto Ozen of The Mogharebi Group represented the seller, a Southern California-based investment group. The buyer was a private investment group also based in Southern California.
Built in 1987, Portico Villas is a two-story complex with ground-floor parking garages, the 128-unit apartment community that is located on 140 West Hills Avenue. The property comprises 20 buildings totaling 139,456 rentable square feet. The buildings are situated on a 9.69-acre site. It features luxurious common area amenities including a resort-style pool and spa with cabanas, outdoor entertainment lounge, BBQ grill stations, outdoor TVs, clubhouse, parcel locker system, concierge, playground, gym, and more. The asset is low density with less than 15 units per acre and well parked with almost 2 spots per unit for a total of 277 spaces, comprising 240 covered and 37 open parking spaces.
About The Mogharebi Group (TMG): The Mogharebi Group is a brokerage firm specializing in the multifamily property sector throughout California. With unrivaled local knowledge, an extensive global network of top real estate investors, state-of-the-art technology, and direct access to capital, The Mogharebi Group is the best choice to meet the needs of major private investors and investment funds.