Record-Breaking Sale: Apartment Community in Cathedral City, Calif. sold by TMG

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
, Executive Vice President of TMG.
According to Mike
, 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.


(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

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