The Mogharebi Group (TMG) has completed the sale of Twin Palms Apartments in Pomona, an 83-unit community, located on West Mission Blvd. The property sold with multiple offers for $10,400,000 that equates to $125,300 per unit or $337 per square foot. The buyer was a private investment group out of Manhattan Beach, Calif.
Due to the low price per unit, solid cash-on-cash return, and proven rental growth, the buyer pool was large, says Otto Ozen, Executive Vice President of TMG. To maximize the value of this community, we aggressively marketed it to our list of high net worth private clients who are currently in exchange, this strategy generated multiple offers and closed at 99% of list price. Mr. Ozen concluded, The property represented a great value with solid upside that required a special buyer to realize its full potential.
Otto Ozen and Alex Mogharebi of TMG represented the seller, a San Gabriel Valley based investment group and the Los Angeles based buyer.
Built in 1964, Twin Palms is a two story, 83-unit apartment community comprises 2 residential buildings totaling 30,860 rentable square feet and situated on a 1.41-acre site. Twin Palms features studios and one-bedroom units. The community also boasts two sparkling swimming pools, outdoor picnic area with BBQs, covered parking, and controlled access.
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THE MOGHAREBI GROUP (TMG) headquartered in Costa Mesa, California, is the premier 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.