The Mogharebi Group (TMG) has completed the sale of Citrus Court, a 138-unit apartment complex that is in Whittier, CA. This property is on a ground lease through 2064. The buyer was an East Coast-based private investment group.
Whittier, with its historically strong education system, improving retail mix, and centralized location, is gentrifying. The seller did a brilliant job renovating Citrus Court with desirable amenities that are attractive to new tenants who are moving to Whittier, says Otto Ozen, Executive Vice President of TMG. Considering that this was a ground lease, we were able to generate strong interest in the asset and ultimately located the ideal buyer and got them comfortable with the ground lease. The buyer plans to finish the renovations to further increase investment yield.
Built in 1967, Citrus Court is a 138-unit apartment community that is in Whittier, CA. The complex is situated on a 4.98-acre site. The apartment homes feature one-, two-, and three-bedroom floor plans. It boasts two swimming pools plus a wading pool, two laundry rooms, and a playground with BBQ areas. Citrus Court is centrally located to many shopping destinations and multiple high-rated schools.
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ABOUT THE MOGHAREBI GROUP
THE 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, and property sales. Please visit our website at www.Mogharebi.com.
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