The Mogharebi Group (TMG) has arranged the $16.5 million sale of Vantage Point Apartments, a 144-unit multifamily community in Bakersfield, CA. Senior Vice President Mark Bonas represented the buyer, a Central Valley-based investor, in the off-market transaction.
With the closing of Vantage Point, TMG has been responsible for the sale of the two largest multifamily transactions in Bakersfield since the beginning of 2023. Bonas helped facilitate the sale of Cedar Oaks, a 98-unit multifamily community for $13.6 million back in October, which was also purchased by the same buyer.
“Our buyer has been very active in the Central Valley with this marking their third acquisition in Bakersfield over the last 18 months,” said TMG’s Bonas. “All of their acquisitions were smooth transactions without any speedbumps in financing, proving that even in these tough market conditions, well capitalized buyers can still obtain loans without any issues.”
Built in 1985, the garden style community sits on 6.31 acres of land at 6001 Auburn St. The property is comprised of one- and two-bedroom units ranging from 597 to 805 square-feet. Amenities include large closets, ceiling fans, heated pool, laundry facilities, and gated access.
As a leader in multifamily investment advisory since its founding in 2015, The Mogharebi Group has been especially active in the Central Valley—closing on more than 10,000 units in the region with total value exceeding $1 billion.
In the largest multifamily transaction to close in Fresno in nearly two years, The Mogharebi Group has successfully secured the sale of The Victor, a 232-unit multifamily community for close to $30 Million.
Senior Vice President Robin Kane and Vice President Brendan Kane, based in TMG’s Fresno office, represented the seller, a Washington based private investment group.
Located on 8.72 acres at 1577 East Bulldog Lane, The Victor is within a five-minute walk to the center of the California State University, Fresno campus. The garden-style property built in 1974 consists of a mix of one- and two-bedroom floor plans that range in size from 800 to 1,000 square-feet and feature in unit amenities including in-unit washer & dryers, large balconies, fireplaces, and ceiling fans. Community amenities include a resort style pool, outdoor picnic area, fitness center, and a business center.
The buyer, a Central Valley-based private investment group, was able to assume the current loan on the property which has eight years at 3.94% with three years of interest-only payments remaining.
“The property came with a very low assumable loan far below what is available in today’s market, which made it an appealing investment for potential buyers,” said Robin Kane. “Lenders often make it difficult to assume loans that are well below market, but our seller was familiar with the process and understood how long assumptions take, which made it easier for us to get this transaction across the finish line.”
According to CoStar, less than four percent of Fresno’s multifamily inventory (approximately 2,000 properties) have 200 or more units, with only five properties trading in the past five years. The last transaction this unit size occurred in June 2022 when 5355 N Valentine Ave, a 248-unit multifamily property, sold for $82 million.
“Property trades of this size are few and far between in the Fresno market. Fresno is a top 20 market for college students, so having a property of this size next door to Fresno State University was a major demand driver,” added Kane.
As a leader in multifamily investment advisory since its founding in 2015, The Mogharebi Group has been especially active in the Central Valley—closing on more than 10,000 units in the region with total value exceeding $1 billion.
In the largest multifamily transaction to close in Fresno in nearly two years, The Mogharebi Group has successfully secured the sale of The Victor, a 232-unit multifamily community for close to $30 Million.
Senior Vice President Robin Kane and Vice President Brendan Kane, based in TMG’s Fresno office, represented the seller, a Washington based private investment group.
Located on 8.72 acres at 1577 East Bulldog Lane, The Victor is within a five-minute walk to the center of the California State University, Fresno campus. The garden-style property built in 1974 consists of a mix of one- and two-bedroom floor plans that range in size from 800 to 1,000 square-feet and feature in unit amenities including in-unit washer & dryers, large balconies, fireplaces, and ceiling fans. Community amenities include a resort style pool, outdoor picnic area, fitness center, and a business center.
The buyer, a Central Valley-based private investment group, was able to assume the current loan on the property which has eight years at 3.94% with three years of interest-only payments remaining.
“The property came with a very low assumable loan far below what is available in today’s market, which made it an appealing investment for potential buyers,” said Robin Kane. “Lenders often make it difficult to assume loans that are well below market, but our seller was familiar with the process and understood how long assumptions take, which made it easier for us to get this transaction across the finish line.”
According to CoStar, less than four percent of Fresno’s multifamily inventory (approximately 2,000 properties) have 200 or more units, with only five properties trading in the past five years. The last transaction this unit size occurred in June 2022 when 5355 N Valentine Ave, a 248-unit multifamily property, sold for $82 million.
“Property trades of this size are few and far between in the Fresno market. Fresno is a top 20 market for college students, so having a property of this size next door to Fresno State University was a major demand driver,” added Kane.
As a leader in multifamily investment advisory since its founding in 2015, The Mogharebi Group has been especially active in the Central Valley—closing on more than 10,000 units in the region with total value exceeding $1 billion.
The Mogharebi Group (TMG), has announced the $127 million sale of Regency Palms, a 310-unit gated multifamily community in Huntington Beach, CA in what is one of the largest multifamily transactions in Orange County over the last 12 months. The transaction was arranged by Senior Vice Presidents Brett Bayless, Bryan LaBar, and Associate Advisor Nick Earl from the TMG headquarters located in Costa Mesa, CA.
The seller, an institutional investment firm which owned the asset for nearly 30 years, sold it to a private local Orange County buyer.
“Private investors are taking advantage of a period of buyer hesitation, with institutional capital either remaining on the sidelines or showing constraint in acquisition valuations,” said Senior Vice President Brett Bayless.
“Today’s market dislocation is creating an opportunity for private investors with a longer, often multigenerational, investment horizon and deeper knowledge of local submarkets,” added LaBar. “Transactions such as these can be the early signs of a stabilizing market, and an indication of the long-term demand for Southern California assets.”
Located at 6761 Warner Avenue, approximately two-and-half miles from the coast, Regency Palms offers a mix of one- and two-bedroom apartment homes housed in two-story residential buildings on a 14-acre site. Community amenities include three swimming pools, outdoor grilling areas, on-site laundry facility, and two gated entrances. Regency Palms benefits from numerous demand drivers including its highly ranked schools, proximity to Orange County’s world-famous beaches and strong rental demand driven by the high cost of home ownership in Huntington Beach which boasts an average home price of $1.265 million.
“There is a high barrier to entry, especially in Orange County’s coastal communities which is considered a safe haven for many investors due to the strong demand for rental housing and high replacement costs,” added Bayless. “Much of the inventory are considered long-term hold assets so it’s rare to have an opportunity to acquire a property, especially of this size and quality in this market.”
The Mogharebi Group (TMG) has arranged the $42.7 million sale of the Edge at Lakewood Apartments, a 196-unit apartment community in Modesto, CA, on behalf of Osso Capital and Graceada Partners. The sale, which closed at the end of December, marks the largest multifamily transaction in California’s Central Valley in 2023.
With a population of 6.5 million people, California’s Central Valley stretches 20,000 square miles from Sacramento to Bakersfield. Cities nestled within the Valley, such as Modesto, Fresno, and Visalia present an affordable alternative with rental rates significantly lower than those in San Francisco and the Greater Los Angeles area. These demand drivers are attracting investors, particularly private capital and exchange buyers to the region, according to Executive Vice President Otto Ozen. Moreover, Modesto’s proximity to the Bay Area and Sacramento makes it increasingly appealing, particularly within the context of rising affordability compared to core metropolitan areas, especially in the hybrid work environment. Essentially, many tenants benefit from reduced rental costs and larger living spaces while commuting to the office a couple of days per week.
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 more than 10,000 units in the Central Valley region, with a total value exceeding $1 billion. TMG commands a majority market share in the Central Valley region and has arranged for the two largest deals to close in the Modesto submarket this year.
The Edge at Lakewood sits on 7.63 acres of land at 1401 Lakewood Ave. Built in 1985, the property is comprised of one- and two-bedroom units ranging from 598 to 880 square feet. Community amenities include a fitness center, clubhouse, pool, and covered parking.
The Mogharebi Group (TMG) arranged the $4.6 million sale of the 40-unit College Apartments in Fresno, CA, the final piece to a complex six-property reverse 1031 exchange transaction.
Senior Vice President Robin Kane, who leads the multifamily real estate investment advisory firm’s Fresno office along with Vice President Brendan Kane were engaged by a Central Valley-based investor to sell four small multifamily assets in Fresno, Visalia and Martinez and move the equity into larger and newer properties as part of a 1031 Exchange. While marketing the properties the Kanes successfully identified and advised the client on the acquisition of two larger communities in Fresno totaling 137 units in separate transactions totaling approximately $20 million.
“A reverse 1031 Exchange can be extremely difficult, especially in this challenging market. If we don’t close on time, the client could face a severe liquidity problem while incurring a potential tax liability,” said Robin Kane. “With the 1031 upleg complete, it was now on us as brokers to sell all four existing properties to create a non-taxable event and use the proceeds to return equity back to the client.”
The fourth and final piece of the 1031 downleg was the sale of the 40-unit College Apartments in Fresno near the asking price of $4.695 million. Located at 4550-4596 East Sierra Madre Avenue, College Apartments features a mix of one- and two-bedroom floor plans ranging from 650 to 950 square feet. The property was built in 1957 on .36 acres of land directly across the street from Fresno State University. The sale was facilitated by an assumption of 30-year loan at 4.0%. All four properties, which sold in separate transactions to separate buyers totaled nearly $21 million. Including the acquired properties, the total number of units involved was 264 Units.
“A lot of credit goes to John Caulfield of Mechanics Bank, who had faith in us and our client to execute its business plan,” added Robin Kane.
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.
