BERMUDA DUNES, Calif.–(BUSINESS WIRE)–The Mogharebi Group has completed the sale of Saddleback Apartments, a 61-unit community located on Avenue 42 in Bermuda Dunes, CA. The property sold with multiple offers at a price of $8,150,000, equating to $133,606 per unit. The buyer, who was in a 1031 exchange, was a private investor from Southern California.
“Saddleback Apartments is part of a larger 340 condominium community. As a result, the potential buyer pool was limited to a specialized group of buyers familiar with the complexities of working with a shared homeowners association,” says Otto Ozen, Executive Vice President of The Mogharebi Group. “Each unit was built to condominium specification and is mapped with a parcel number assigned to each unit, providing an alternate exit strategy for investors. We were able to strategically leverage our proprietary 1031 exchange platform that includes a robust network of private high net-worth and exchange buyers that generated multiple offers, drove the value, and successfully closed at 98% of the list price.”
Alex Mogharebi and Otto Ozen of The Mogharebi Group represented the seller, a private investment group based in Utah.
Built in 1988, Saddleback Apartments is located at 78650 Avenue 42. The property features high-end common area amenities, including three resort-style swimming pools, three relaxing spas, fitness center, BBQ/picnic areas, controlled gated access, lighted tennis courts, and a clubhouse. Saddleback Apartments features a desirable mix of 72% 2-bedroom units and 28% 1-bedroom units, including 16 villa-style units averaging 904 square feet. It is located near highly ranked schools, employment centers, Coachella and Stagecoach music festivals, world-class tennis stadium venues, and a plethora of lifestyle retail stores and restaurants.