The Mogharebi Group, a multifamily brokerage firm, has completed the sale of a 50-unit apartment community in Eagle Rock.
The property drew multiple offers and sold for $15.5 million, or $310,000 per unit. Mogharebi Senior Advisor Nazli Santana and Otto Ozen, the company’s executive vice president, represented the seller, a Los Angeles-based private investor. The buyer was a privately held investment group based out of Los Angeles.
“Due to below market rents, a highly desirable location, a strong unit mix and a low unit-to-land ratio, Yosemite Apartments presented a tremendous value-add and development opportunity,” Santana said. “Consequently, the buyer pool was significant and diverse.”
Built in 1951, Yosemite Gardens is a two story, 50-unit apartment community that includes three buildings with 42,900 square feet of rentable space. The building is situated on a two-acre site. The complex features spacious two-bedroom, one-bath units, as well as one-bedroom, one bath units that average 858 square feet. The property includes outdoor picnic areas, dog runs and detached garages.