The Mogharebi Group, (TMG) has completed the sale of Union North in Manteca, a 91-unit community, located on North Union Road. The property sold with multiple offers for a record setting price of $17,200,000 that equates to $186,957 per unit or $229 per square foot. The buyer was a private investment group out of Clovis, Calif.
At a price of over $186,000 per unit, this transaction represents a record for apartment communities in the submarket. The record setting price is attributable to several factors, including a lack of available inventory, our proprietary exchange platform, the high quality of the asset, and strong rental growth in the submarket, says Otto Ozen, Executive Vice President of TMG. We aggressively marketed Union North in Manteca to our list of high net worth private as well as exchange buyers. The asset provided a solid value-add opportunity and generated great interest in the market and resulted in multiple offers.
Otto Ozen, Robin Kane and Brendan Kane of TMG represented the seller, a real estate acquisition firm located in the Bay Area and the Clovis based buyer.
Built in 1974 and 1979, Union North is a one and two story, 91-unit apartment community comprised of 23 residential buildings totaling 74,319 rentable square feet and situated on a 6.55-acre site. Union North features spacious two- and three-bedroom townhomes with an average size of 817 square feet. Each unit features a washer / dryer, large private patio, and an attached parking garage. The community also boasts a sparkling swimming pool and relaxing spa, outdoor picnic area with BBQs, and controlled access.
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With unrivaled local knowledge, an extensive global network of top real estate investors, state of the art technology, and direct access to capital, The Mogharebi Group is the best choice to meet the needs of major private investors and investment funds.
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, property sales. Please visit our website at www.Mogharebi.com.