The Mogharebi Group (TMG) has been awarded the 2023 CoStar Impact Award for Monterey County Sale of the Year through its representation in the $9.25 million sale of the 92-unit Plaza Grande Apartments community in Salinas, CA.

CoStar Impact Awards recognize exemplary commercial real estate transactions and projects with significant influence in neighborhoods or submarkets across 128 major markets in the United States, Canada, and the United Kingdom. The award celebrates commercial real estate practitioners that have brought leadership, innovation, and professionalism to their markets by spotlighting commendable transactions and projects.

"The Plaza Grande Apartments addresses the huge universal need for affordable housing," said Cannery Row Co. Chief Operating Officer William Grimm, who served as one of the judges for the award. “Not only does it preserve options for lower-income renters, but the buyer is also able to benefit from considerable tax advantages thanks to the property's location in an Opportunity Zone.”

“Even though rising interest rates have dramatically hampered the real estate market, we were able to attract multiple competitive offers by marketing the numerous long-term benefits of ownership,” said TMG Executive Vice President Otto Ozen, who brokered the transaction along with Vice President Nazli Santana.

Surrounded by rich farmland that supports a $2 billion agricultural industry and only an hour and 45 minutes south of San Francisco, Salinas has seen a dramatic increase in demand for workforce and affordable housing. According to CoStar, multifamily vacancy rates in the area have dropped to approximately 3% over the past year.