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Santa Maria, CA — The Mogharebi Group, (“TMG”) has completed the sale of Los Pinos Court in Santa Maria, a 23-unit affordable community located at 605 East Newlove Drive. The property sold with multiple offers for $5,195,000. Otto Ozen represented the seller, an Orange County-based investor. The buyer was a private investment group out of Central California.
“Los Pinos Court is a newer build, LIHTC affordable housing community for large families,” says Otto Ozen, Executive Vice President of TMG. “To maximize the value of this community, we aggressively marketed it to our deep pool of 1031 exchange buyers as well as an expansive network of private / high-net-worth and affordable housing investors, we were able to drive the value.” Mr. Ozen concluded, “The property represented a great value with strong upside that required the right buyer to maximize its full potential.”
Otto Ozen of TMG represented the seller, an Orange County-based private investor.
Built in 1998, Los Pinos Court Apartments is a two-story, 23-unit apartment community that is located on Newlove Drive in Santa Maria, CA. The Property comprises 4 residential buildings totaling 20,580 rentable square feet. The complex is situated on a 1.6-acre site. The apartment homes feature spacious two- and three-bedroom, townhouse style floor plans with an average size of 895 square feet. The property boasts attached garages, washer/drivers in-unit, and beautiful landscapes.
