CATHEDRAL CITY, Calif.–(BUSINESS WIRE)–The
Mogharebi Group, (“TMG”) has completed the sale of Presidio
Park in Cathedral City, a 45-unit community, located on
Gerald Ford Drive. After multiple offers, the property sold at $7,000,000
which equates to a record-setting price of $155,556. The buyer
was a private investment group out of Riverside, Calif.
“At a price of over $155,556 per door, this transaction represents a
record for similar apartment communities in the Coachella Valley. The
price is attributable to several factors, including the quality of the
asset with strong upside, a lack of available inventory, our proprietary
exchange platform, and strong rental growth in the submarket,” says Otto
Ozen, Executive Vice President of TMG.
According to Mike
Marcu, Senior Vice President of TMG, “We aggressively
marketed Presidio Park in Cathedral City to our list of high net worth
private as well as exchange buyers. The asset provided a solid value-add
opportunity which generated substantial interest and resulted in
multiple offers. As usual, the platform worked!”
Otto Ozen and Mike Marcu of TMG represented the seller, a
family partnership located in Cathedral City, and the Riverside based
Built in 1987 and recently remodeled, Presidio Park is a two story,
45-unit apartment community that is located on Gerald Ford Drive in
Cathedral City, Calif. The property comprises 4 residential buildings
totaling 45,290 rentable square feet. The complex is situated on a
3.07-acre site. The property boasts a swimming pool, tennis court,
outdoor picnic area with BBQs, laundry facilities, and covered parking.
ABOUT THE MOGHAREBI GROUP
MOGHAREBI GROUP (TMG) headquartered in Costa Mesa, California, is
the premiere multi-family real estate services and investment firm. The
company serves real estate investors and offers a broad range of
integrated services including transaction and project management,
investment management, 1031 Exchanges, valuation; strategic consulting,
property sales. Please visit our website at www.Mogharebi.com.