100 Unit Value-Add Community in Sacramento Sold for $15.7M by The Mogharebi Group
February 26 2020 - 11:01AM
Business Wire
The Mogharebi Group, (“TMG”) has completed the sale of
Rosemont Terrace, a 100-unit apartment complex located in
the Rosemont neighborhood of Sacramento, CA. The property sold with
multiple offers for a sale price of $15.7 million.
“Due to its dynamic location, attractive unit mix and value add
upside opportunity, the buyer pool was significant,” says Otto
Ozen, Executive Vice President of The
Mogharebi Group. “To maximize the value of this community, we
aggressively marketed the property to our extensive database of
high net worth private clients who are currently looking for 1031
exchange up-legs. This strategy generated multiple offers. Rosemont
Terrace is in a vibrant growth market and is well situated to
capitalize on Sacramento’s continued growth. The property
represented a great opportunity for the winning buyer to swiftly
execute and close the deal.”
Otto Ozen of The Mogharebi Group represented the
seller, a Northern California based private investor and the
Southern California based buyer.
Built on a 4.92-acre site in 1970, Rosemont Terrace is located
at 3690-3733 S. Port Drive in Sacramento. It is located walking
distance to Korean School of Sacramento, Golden Empire Elementary,
and Albert Einstein Middle School. It is a quick bike ride to
Rosemont High School and Carrington College. Rosemont Terrace
Apartments is a 5-minute drive to Cal State Sacramento with over
31,000 students.
Rosemont Terrace features community amenities including a
swimming pool, outdoor picnic area with barbeque, laundry
facilities, covered parking, and a rental office. The property
offers 34% one-bedroom, 64% two-bedroom one-bath, 2% three-bedroom
units with an average unit size of 798 square feet.
About The Mogharebi Group (TMG): The Mogharebi Group is a
brokerage firm specializing in the multifamily property sector
throughout California. With unrivaled local knowledge, an extensive
global network of top real estate investors, a fully integrated
platform, and direct access to capital, The Mogharebi Group
is the best choice to meet the needs of major private investors and
investment funds.
For more information visit: Mogharebi.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20200226005687/en/
Otto Ozen | 909.235.7889 Executive Vice President
Otto@Mogharebi.com