LANCASTER, CA—The Mogharebi Group, (“TMG”) has completed the sale of the Racquet Club Apartments, a 200-unit community, that is located on 15th Street West. The property sold with multiple offers for a sales price of $21,000,000 that equates to $105,000 per unit or $116 per square foot. The buyer was a private investment group based in Los Angeles, CA.
“At a per unit price of $105,000, this transaction represents a record price for communities that are over 30 units in the Lancaster / Palmdale area. The prior record was set at $104,000 per door during the last market cycle in 2004. This record setting price is attributable to several factors, including a lack of inventory available for exchange buyers in the market, The Mogharebi Group’s proprietary exchange buyer platform, the property’s stellar location being adjacent to the Antelope Valley Hospital, and strong rental growth in the submarket” says Alex Mogharebi, President of TMG. “We aggressively marketed Racquet Club to our list of high net worth private clients who are currently looking for exchange up-legs. This strategy generated multiple offers and closed near full price.”
Alex Mogharebi and Otto Ozen of TMG represented the seller, a private equity real estate firm located in Santa Monica and the Los Angeles based private buyer.
Built on a 9.65-acre site in 1973, the property is located at 44045 North 15th Street West in Lancaster. The community features exquisite common area amenities including two large resort-style swimming pools and hot tubs, two tennis courts, 24-hour state-of-the-art fitness center, business center with computers and printers, secured access, and reserved covered parking.
With unrivaled local knowledge, an extensive global network of top real estate investors, state of the art technology, and direct access to capital, The Mogharebi Group is the best choice to meet the needs of major private investors and investment funds.