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FAIRFIELD, CA –The Mogharebi Group ("TMG") has completed the sale of Delta Court apartment community in Fairfield, CA. The property sold for a total of $37,350,000 with multiple competing offers. Otto Ozen and Brian Nakamura of The Mogharebi Group represented both the buyer and seller in this transaction.
"Delta Court is a solid value-add asset with rental upside in one of the nation’s fastest-growing markets. We represented both the buyer and the seller, we used our proprietary 1031 exchange platform of private high net-worth and exchange buyers to ultimately procure multiple offers from well-qualified buyers, despite COVID and the market volatility", said Brian Nakamura, The Marketing Manager of The Mogharebi Group. "Ultimately, the final buyer had strong terms that with a $1,000,000 deposit of which $400,000 of it was nonrefundable at the opening of escrow to mitigate the chances of a re-trade.”
Built in 1962, Delta Court Apartments is a two-story, 177-unit (including 2 non-conforming units) apartment community that is located on Crowley Lane in Fairfield, CA. The property comprises 10 residential buildings totaling 102,556 rentable square feet. The complex is situated on a 4.91-acre site. The apartment homes feature a single-family home, studios, one, and two-bedroom floor plans. The property boasts two swimming pools and laundry facilities.
