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Press release content from Business Wire. The AP news staff was not involved in its creation.
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Press release content from Business Wire. The AP news staff was not involved in its creation.

33 Unit Apartment Community in Bellflower Sold by The Mogharebi Group

September 9, 2021 GMT
33 UNIT APARTMENT COMMUNITY IN BELLFLOWER SOLD BY THE MOGHAREBI GROUP (Graphic: Business Wire)
33 UNIT APARTMENT COMMUNITY IN BELLFLOWER SOLD BY THE MOGHAREBI GROUP (Graphic: Business Wire)
33 UNIT APARTMENT COMMUNITY IN BELLFLOWER SOLD BY THE MOGHAREBI GROUP (Graphic: Business Wire)

BELLFLOWER, Calif.--(BUSINESS WIRE)--Sep 9, 2021--

The Mogharebi Group (“TMG”) has completed the sale of Woodcliff Apartments, a 33-unit community in Bellflower. The property sold for $11,160,000 with numerous offers. Brett Baylessand Keon Truth of The Mogharebi Group represented the seller, a Southern California-based investor.

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33 UNIT APARTMENT COMMUNITY IN BELLFLOWER SOLD BY THE MOGHAREBI GROUP (Graphic: Business Wire)

“The property is 100% occupied with solid cash flow and value-add upside. As a result, this Bellflower community presented the Buyer with a tremendous opportunity to increase his returns and add to his total number of units owned in the Gateway Cities”, said Brett Bayless, Senior Vice President of The Mogharebi Group. ” It was our proprietary platform, of private high net-worth and exchange buyers, that ultimately procured a private investor who was able to purchase this asset with refinance capital.”

Built-in 1965, Woodcliff Apartments is located at 15147 Woodruff Place in Bellflower. The property comprises two single story residential buildings totaling 29,625 rentable square feet. The apartment homes feature spacious 2- and 3-bedroom floor plans with an average size of 898 square feet. The property is within walking distance to Top Schools, Including St John Bosco High School, Bellflower High / Middle School, Woodruff Elementary, and a short drive to numerous retail shopping plazas, restaurants, and Cerritos College.

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.

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For more information visit: Mogharebi.com

View source version on businesswire.com:https://www.businesswire.com/news/home/20210909006187/en/

CONTACT: The Mogharebi GroupBrett Bayless | 949.688.1225

Senior Vice President

brett.bayless@mogharebi.comKeon Truth | 323.302.8322

Investment Advisor

keon.truth@mogharebi.com

KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: CONSTRUCTION & PROPERTY RESIDENTIAL BUILDING & REAL ESTATE

SOURCE: The Mogharebi Group

Copyright Business Wire 2021.

PUB: 09/09/2021 06:53 PM/DISC: 09/09/2021 06:53 PM

http://www.businesswire.com/news/home/20210909006187/en