The Mogharebi Group (“TMG”) has completed the sale of Paradise Apartments in Chico, a 164-unit community, located on West Sacramento Avenue. The property sold with multiple offers for $18,200,000 that equates to $110,976 per unit or $143 per square foot. The buyer was a private investment group out of Calabasas, Calif.
“Due to the attractive price per unit and prime location near campus, there was strong interest in the Paradise Apartments,” says Otto Ozen, Executive VicePresident of TMG. “To maximize the value of this community, we aggressively marketed it to our list of high net worth private clients and student housing investors.” Mr. Ozen concluded, “Ultimately a student housing buyer won the deal and scored a great investment with upside. The buyer clearly saw the upside potential in the asset.”
Otto Ozen, Alex Mogharebi, and Bryan LaBar of TMG represented the seller, a Los Angeles based investment group, and the Los Angeles based buyer.
Built in 1974-1988, Paradise Apartments, a two-story, 164-unit apartment community, comprises 34 residential buildings totaling 127,572 rentable square feet and situated on a 15.1-acre site. Paradise Apartments features one, two, three, and four-bedroom units. The community also boasts three sparkling swimming pools, clubhouse with pool tables and couches, four laundry facilities, fitness center, covered parking, and a leasing office with mail center.