COSTA MESA, Calif. – Sept. 5, 2023 – PRLog — The Mogharebi Group (TMG) has arranged the $31.25 million sale of Citrus Court, 138-unit apartment community in Whittier, CA.

The garden style community located at 8121 Broadway Avenue is encumbered by a 99-year ground lease with 41-years remaining, which adds to the already challenging conditions investors are facing when buying real estate in the Los Angeles area, according to TMG Executive Vice President Otto Ozen who advised the seller on the transaction.

“Less than 3% of all Southern California real estate transactions are subject to ground leases and we have done well more than our share,” said Ozen.  “A ground lease is like a melting ice cube. You start with the maximum term and from that point on, each year is less desirable as financing becomes more difficult.  However, given our experience, we were  able to overcome the hurdles, generate multiple offers and close within 90 days of entering into the purchase and sale agreement.”

Citrus Court is located in Whittier, which has grown into one of the more affluent and dynamic residential areas in Southern California.   Considered a Los Angeles County gateway city, it is 12 miles southeast of The City of Los Angeles where a challenging political and regulatory environment has had a chilling effect on multifamily investment.  In addition to restrictive eviction policies, the city’s recently passed Measure ULA taxes sellers 4-5% on sales over $5 million.  Since April 1, 2023 when the law went into effect, there have been only 10 multifamily sales over $5 million, compared to 77 sales that were recorded in the same time period the previous year.

Those investors who have been driven away from doing business in Los Angeles are also drawn to Whittier and other second ring cities for their numerous demand drivers  including relative affordability, excellent schools, and access to employment hubs throughout  Los Angeles, the San Gabriel Valley and Orange County.

Built in 1967, Citrus Court offers a mix of spacious studio, one-, two, and three-bedroom floorplans with an average size of 843 square feet.  The seller recently completed renovations in 120 units, updating kitchens & bathrooms and installing new hardwood floors. Community amenities include on-site laundry, two swimming pools, wi-fi lounge, BBQ area, and controlled access gates.

About The Mogharebi Group
The Mogharebi Group (http://www.Mogharebi.com) is a real estate investment and advisory firm specializing in the multifamily property sector throughout the Western United States. Backed by unparalleled local market knowledge, an extensive global network of top real estate investors, state-of-the-art technology, and direct access to capital with more than $950 million in revolving inventory, The Mogharebi Group is the best choice to meet the needs of major private investors and investment funds.

Contact
Brandon Beck
DB&R Marketing Communications, Inc.
***@dbrpr.com

OMAHA, Neb. – July 19, 2023 – PRLog — The Mogharebi Group (TMG) has advised a Colorado-based private investment group on its sale of Fireside Village, a 180-unit multifamily community in Omaha, NE to ARTISAN Capital Group.

The multifamily transaction, one of the largest by unit count to close in metropolitan Omaha this year, according to CoStar data, represents the seller’s exit and the buyer’s entry into the Nebraska market, according to Mogharebi Vice President Scott Koethe.

“Omaha benefits from wonderful fundamentals – great schools, strong local economy and safe neighborhoods, which has resulted in a buyer pool that is large and growing,” said Koethe, an Omaha native.   “Wanting to divest itself of its multifamily holdings to concentrate on medical office, our client engaged us to leverage our significant relationships with these buyers to sell the property.   As a result, we were able to generate 18 offers and ultimately went with the most qualified buyer in ARTISAN Capital Group.”

Fireside Village is the first acquisition in Nebraska for Chicago & Des Moines-based ARTISAN Capital Group, whose portfolio includes more than 6,500 multifamily and student housing units throughout the Midwest and Nevada.  In partnership with Guardian Capital, the transaction, which needed to close before the July 4th holiday, was the upleg of a 1031 Exchange that included the assumption of an attractive sub-5% Agency loan with five years remaining on the term, according to Koethe.

“This was a very complex transaction with a lot of moving parts and a very tight deadline,” Koethe said.  “Our proprietary 1031 Exchange platform combined with our experience with the complicated loan assumption process, allowed us to close on time and help both parties meet their business objectives.”

“ARTISAN is thrilled to enter the Omaha market with the acquisition of Fireside Village, soon to be rebranded as Wildewood Commons.  We have been blown away by the warm reception from the City of Ralston and look forward to contributing to the local community in a positive manner,” added Ryan R. Cahalan, “The ARTISAN Team is eager to get to work on making renovations to the property and we look forward to growing a portfolio of apartment communities throughout the Omaha metro.”

Located at 8214 Wilson Dr., in Ralston, a popular suburb less than a 15-minute drive from Downtown Omaha, Fireside Village offers a diverse mix of floor plans ranging from studio to two-bedroom apartment homes housed in 11 residential buildings on a 5.5-acre site.   Community amenities include a sauna, fitness center, playground, dog park, business center, detached garages, & laundry facilities.    The property was 75% occupied at closing.

Built in 1972, only one-third of the units have been renovated providing the buyer with a tremendous value add opportunity, according to Koethe.

About The Mogharebi Group

The Mogharebi Group (http://www.mogharebi.com) is one of the largest multifamily brokerage firms in the United States by volume. With offices throughout western United States, The Mogharebi Group offers private investors and investment funds deep local market knowledge, an extensive global network of top real estate investors, state-of-the-art technology, and direct access to capital with over $800 million in regularly revolving inventory. For more information visit: Mogharebi.com

Contact
Bruce Beck
DB&R Marketing Communications, Inc.
***@dbrpr.com

MODESTO, Calif. – June 14, 2023 – PRLog — The Mogharebi Group (TMG) has arranged the $25.2 million sale of Trails at 2112 Apartments, a turnkey 97-unit multifamily community in the Central Valley city of Modesto, CA. Executive Vice President Otto Ozen and Senior Vice President Brian Nakamura represented the seller, Berkeley-based Valiance Capital  in the transaction.

Located at 2112 Floyd Ave., the property comprises a desirable mix of studio, one-bedroom, and two-bedroom units ranging in size from 550 to 950 square feet. After acquiring the 1985-built property through TMG three years ago, Valiance invested nearly $2.9 million in capital expenditures to transform the property into a market-defining luxury asset. All units were fully renovated with contemporary features such as in-unit washers and dryers, quartz countertops, stainless steel appliances, white cabinetry, and dual-pane windows. Common area improvements included resort-style pool upgrades, fitness center renovations, a new dog park and wash station, HVAC replacements, exterior enhancements, and more.

“Despite rising interest rates, high inflation, and other economic uncertainties, we generated significant interest in the property and procured nine qualified offers,” said Ozen. “We sourced a strong exchange buyer and ultimately closed at just under $260,000 per door, setting a high price for a deal of this size and underscoring our position in the market.” said Ozen.

The transaction set a new high watermark for apartment assets of this size and vintage in Modesto, according to CoStar data. As a leader in multifamily investment advisory since its founding in 2015, TMG has closed on more than 2,600 apartment units in Modesto specifically and over 10,000 units in the Central Valley region, with a total value exceeding $1 billion.

“Through our firm’s presence in Modesto—where we maintain the largest market share—and ability to tap into 1031 Exchange buyers, we were able to drive considerable value for the property and help our client achieve their business plan with a nonrefundable deposit at the open of escrow,” added Nakamura.

The buyer, a private family office that is an active owner on the West Coast, recognized the opportunity to achieve economies of scale and leveraged the acquisition by assuming an attractive fixed-rate agency loan with five years of interest only and a 10-year term.

About The Mogharebi Group
The Mogharebi Group (http://www.Mogharebi.com) is a real estate investment and advisory firm specializing in the multifamily property sector throughout the Western United States. Backed by unparalleled local market knowledge, an extensive global network of top real estate investors, state-of-the-art technology, and direct access to capital with more than $850 million in revolving inventory, The Mogharebi Group is the best choice to meet the needs of major private investors and investment funds.

Contact
Bruce Beck
DB&R Marketing Communications, Inc.
***@dbrpr.com

COSTA MESA, Calif. – March 21, 2023 – PRLog — Multifamily investment advisory firm The Mogharebi Group (“TMG”) has made a major push in its regional expansion with the opening of two new offices in Las Vegas, NV and Albuquerque, NM. Bill Ketcham and Robert Gallegos, who combined have more than 45 years of real estate investment experience, will lead the two offices.

Founded in 2016 by Alex Mogharebi, one of the top-producing multifamily brokers in the U.S., TMG is a vertically integrated real estate services firm specializing in multifamily investment sales, financing, and advisory services. In its brief seven-year history, the firm has closed in excess of $8 billion in transactions representing more than 75,000 apartment units throughout California, the Pacific Northwest and Mountain States.

In the past two years, TMG launched a regional expansion, establishing footholds in Salt Lake City, UT and Seattle, WA. With the opening of Las Vegas and Albuquerque offices, TMG currently has 8 offices throughout the Western United States.

“The decision to expand into Nevada and New Mexico was a logical step in our business growth strategy. We are targeting major new markets and fresh opportunity, but with the company’s proven, established personal approach,” Mogharebi said. “We have worked very hard to develop a corporate culture and collaborative approach that is very different from the typical real estate brokerage firm model, and Bill and Robert will certainly add to that in a client-first, partnership-centric way while building the business.”

Ketcham joins the firm as vice president and will lead the Las Vegas office.  He brings more than 20 years of real estate experience to TMG, including managing over 4,300 units of multifamily assets on the West Coast for a private investment company. While the Las Vegas office will focus primarily on multifamily, Ketcham also will be responsible for broadening TMG’s hotels advisory services.

“Las Vegas adding major professional sports momentum to its established reputation as the entertainment capital of the country will continue to expand and reshape the employment sector and thus the need for housing,” said Ketcham. “The new Las Vegas office will help position investors to reap the rewards of the tremendous demand for multifamily communities.”

Gallegos joins TMG as senior vice president to lead the Albuquerque office.   Previously, he was with Alliance International Investments, as chief investment officer he helped build the investment portfolio for two REIT funds. Gallegos has been responsible for more than $100 million in sales transactions in the United States and internationally during his 25-year real estate investment career.

“This is a special and strategic opportunity for The Mogharebi Group to bring its full-service advisory platform to New Mexico, which is a unique part of the country that is fairly insulated from market fluctuations,” Gallegos said. “It’s exciting to combine those real estate fundamentals with the company’s client-first mentality and other major advantages, and I’m very glad to be a part of it.”

About The Mogharebi Group

The Mogharebi Group (http://www.Mogharebi.com) is a real estate investment advisory firm specializing in the multifamily property sector throughout California, the Pacific Northwest, and Mountain States. 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.

Contact
Bruce Beck
DB&R Marketing Communications, Inc.
***@dbrpr.com

COSTA MESA, Calif. – Oct. 11, 2022 – PRLog — The Mogharebi Group (TMG) has arranged the $9.25 million sale of Plaza Grande, a 92-unit multifamily community in Salinas, CA. TMG represented the Monterey-based developer-owner of the fully occupied affordable housing community in its sale to a Los Angeles County-based private investor.

Built in 2003, Plaza Grande offers one-bedroom units ranging in size from 260 to 590 square feet. Renovations, including new flooring, cabinetry and vanities, have been made on a rolling basis. Located at 50 East Market St. in downtown Salinas, the three-story apartment community includes a gym, courtyard and picnic area with grills.

“Despite rising interest rates hampering the real estate capital markets, we were able to attract multiple interested buyers to Plaza Grande, ultimately topping $100,000 per unit in this sale,” said TMG Executive Vice President Otto Ozen, who along with Senior Investment Advisor Nazli Santana brokered the transaction. “The universal need for affordable housing, aided by Baby Boomer demographics and an even more robust overall renter economy, has created so much demand that the California Housing Partnership projects that 120,000 more affordable units will be needed each year by 2030.”

Even with the overall favorable multifamily supply and demand dynamics, Mogharebi had to overcome several obstacles in achieving a successful sale, including a limited Low-Income Housing Tax Credit (LIHTC) investor pool and the non-traditional unit sizes at Plaza Grande, according to Santana.

“We were able to demonstrate that as a LIHTC community, Plaza Grande offered extra investment appeal, such as a more stable tenant base and consistent, reliable government-backed rent payments,” said Santana.  “Also, landlords will likely benefit from reduced competition as more affordable housing properties participating in the 30-year LIHTC program become eligible for market-rate conversions or are removed from the rental market altogether. Finally, Plaza Grande is located in an Opportunity Zone, which offered considerable tax advantages to the buyer.”

The county seat and most populous city in Central California’s Monterey County, Salinas is only about 12 miles from the coast, an hour south of San Jose and an hour and 45 minutes south of San Francisco. Known as the “Salad Bowl of America”, Salinas and the surrounding rich farmland support a $2 billion agricultural industry that produces an abundance of fruit, vegetables and more. The city’s close proximity to Silicon Valley and a large number of agricultural employers have put it on the path to becoming the AgTech Capital of the nation.

About The Mogharebi Group

The Mogharebi Group is one of the largest multifamily brokerage firms in the United States by volume. With offices throughout the western United States, The Mogharebi Group offers private investors and investment funds deep local market knowledge, an extensive global network of top real estate investors, state-of-the-art technology, and direct access to capital with over $800 million in regularly revolving inventory. For more information visit: http://www.Mogharebi.com.

Contact

Bruce Beck

DB&R Marketing Communications, Inc.

***@dbrpr.com