32 Unit Value-Add Community in Riverside Sold by TMG

RIVERSIDE, Calif.–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/Apartments?src=hash” target=”_blank”gt;#Apartmentslt;/agt;–The Mogharebi Group (“TMG”) has completed the sale of The
Groves Townhouse Apartments
, a 32-unit community that is located on
Magnolia Avenue in Riverside, CA. The property sold with multiple offers
for a sales price of $5.9 million or $184,375 per unit. The buyer
was a Riverside based private investor.

“The Groves comprises all two-bed townhomes that is unique to the area,
when combined with its smaller size and desirable location next to
Ramona High School, the buyer pool was significant in size,” says Otto
Ozen, Executive Vice
President of TMG. “We generated
multiple offers at full price from our pool of private exchange buyers.”

Alex Mogharebi and Otto Ozen of TMG represented the
seller, a private investor based in Orange County, and the Riverside
based buyer.

Built in 1984, The Groves Apartments is a two story, 32-unit apartment
community that is located on Magnolia Avenue in Riverside, CA. The
property comprises 8 fourplexes totaling 33,280 rentable square feet.
The complex is situated on a 1.68-acre site. The Groves features all
spacious two-bedroom / 1.5-bath townhomes with a large average size of
1,040 square feet. The property boasts a swimming pool & jacuzzi, 8
laundry rooms (one per fourplex), orange grove, and private garage
parking.

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.

Contacts

Otto Ozen 909-235-7886 Otto@Mogharebi.com