BUELLTON, CA — The Mogharebi Group, (“TMG”) has completed the sale of Avenue Heights in Buellton, a 62-unit community, located at 86 2nd Street. The property sold with multiple offers for $16,900,000 which equates to $273K per unit or $375 per square foot. The buyer was a private investor out of the Central Coast, CA.
“Due to the competitive inventory, attractive unit mix, and desirability in the Central Coast area, Avenue Heights was a quick sale” says Otto Ozen, Executive Vice President of TMG. “To maximize the value of this community and the excess land included, we aggressively marketed it to our robust pool of 1031 exchange buyers as well as an expansive network of private and high-net-worth investors, that garnered a great deal of interest and ultimately closed at a record sale price.” Mr. Ozen concluded.
Otto Ozen of TMG represented the seller, a private investment group out of Santa Barbara, CA.
Built in 2017, Avenue Heights is a two & three-story, 62-unit apartment community that is located on 86 2nd Street in Buellton, CA. The property comprises 45,054 square feet of rentable space including excess land totaling 33,541 square feet. The complex is situated on a 4.40-acre site. Avenue Heights features one-, two-, and three-bedroom units. The community also boasts a basketball court, playground, outdoor picnic area with BBQ, leasing office, and new elevator.