81-Unit Partially Affordable Community in Blythe Sold for $4,325,000 by the Mogharebi Group
BAKERSFIELD, Calif.--(BUSINESS WIRE)--Jun 29, 2021--
The Mogharebi Group, (“ TMG ”) has completed the sale of Casa Encinas at River Heights, a 81-unit affordable community located at 2200 E. Donlon Street. The property sold with multiple offers at a price of $4,325,000. Bryan LaBar represented the seller, a Southern California based investor. The buyer was a private investor also based out of Southern California.
“Casa Encinas is a partially affordable housing community located in a market with a high demand for workforce housing. Also, from a pound-for-pound, price per unit basis, the price was well below replacement cost, especially for a newer construction property,” said Bryan LaBar, Vice President of The Mogharebi Group. “As a result, there was a high level of interested buyers for this asset. Through our proprietary 1031 exchange platform that includes a robust network of private high net-worth and exchange buyers, we were able to drive the value and successfully close with multiple offers over the list price.”
Built in 1999, Casa Encinas at River Heights is a single story, 81-unit apartment community that is located on 2200 E. Donlon Street in Blythe. The property comprises twenty-one residential buildings totaling 87,133 rentable square feet. The complex is situated on a 10.83-acre site. The apartment homes feature spacious two, three, and four-bedroom floor plans with an average size of 1,076 square feet. The property boasts a swimming pool, clubhouse, tot lot, and covered parking.
About The Mogharebi Group (TMG): The Mogharebi Group is a brokerage firm specializing in the multifamily property sector throughout California. 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.
View source version on businesswire.com:https://www.businesswire.com/news/home/20210629006060/en/
CONTACT: The Mogharebi GroupBryan LaBar| 909.371.1328
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: CONSTRUCTION & PROPERTY RESIDENTIAL BUILDING & REAL ESTATE
SOURCE: The Mogharebi Group
Copyright Business Wire 2021.
PUB: 06/29/2021 05:06 PM/DISC: 06/29/2021 05:07 PM