$19 Million Community in Fresno Sold by Mogharebi Group

FRESNO, 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 Canyon
Springs
, a 138-unit community that is located on North Figarden
Drive in Fresno, CA. The property sold with multiple offers for a sales
price of $19 million that equates to $137,681 per unit.
The buyer was a private investment group based in San Diego. Canyon
Spring Apartments is a community that is partially affordable housing
with restrictions from both tax credits and bond covenants.

“The sale reflects the confidence investors have in Fresno’s Outlook in
job, population and rent growth, which has outpaced core markets,” says Robin
Kane
, Vice-President of TMG. Otto
Ozen
, Executive Vice-President of TMG, also
added, “Despite the restrictions imposed by LIHTC, we were able to
market this asset to our diverse network of buyers, generating multiple
offers and closing near the list price.”

Alex
Mogharebi
, Otto
Ozen
, Robin
Kane
, and Brendan
Kane
of TMG represented the seller, a Clovis-based
private investment group, and the San Diego based buyer.

Built in 2004, Canyon Springs Apartments is a two story, 138-unit
apartment community, located on North Figarden Drive in Fresno, CA. The
property comprises 14 residential buildings. The complex is situated on
a 14.77-acre site. The apartment homes feature spacious two-, three-,
and four-bedroom floor plans with an average size of 1,058 square feet.
The property boasts a swimming pool and spa, a clubhouse, a tot lot, a
business center, a fitness center, a basketball court, a volleyball
court, and covered parking. The units are replete with wood laminate or
vinyl flooring in the kitchen and bath areas, plush carpeting in the
bedroom and living areas, washer / dryers in every unit, and balconies /
covered patios.

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

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