ADVERTISEMENT
Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

81-Unit Affordable Community in Madera Sold for $10,400,000 by the Mogharebi Group

September 17, 2021 GMT

MADERA, Calif.--(BUSINESS WIRE)--Sep 17, 2021--

The Mogharebi Group, (“ TMG ”) has completed the sale of Sherwood Pointe, an 81-unit affordable community located at 338 W Sherwood Way. The property was sold at list price with multiple offers for $10,400,000. Otto Ozen, Nazli Santana, Robin Kane, and Brendan Kane represented the seller, a Central Valley based investor. The buyer was a private investor based out of Northern California.

ADVERTISEMENT

“Sherwood Pointe is a newer build, fully affordable LIHTC housing community,” said Nazli Santana, Senior Investment Advisor of The Mogharebi Group. “As a result, there was a high level of interested buyers for this asset. However, it was our proprietary 1031 exchange platform that includes a robust network of private high net-worth and exchange buyers that ultimately drove the value and successfully closed.”

ADVERTISEMENT

Built-in 2003, Sherwood Pointe is a two story, 81-unit, affordable housing community. The property comprises ten residential buildings totaling 86,254 rentable square feet. The complex is situated on a 4.14-acre site. The apartment homes feature spacious two, three and four-bedroom floor plans. The property boasts a clubhouse, playground, and laundry facility.

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/20210917005526/en/

CONTACT: The Mogharebi GroupOtto Ozen| 909.235.7889

Executive Vice President

Otto@Mogharebi.comNazli Santana| 909.371.1324

Senior Investment Advisor

Nazli@Mogharebi.comRobin Kane| 559.288.8803

Senior Vice President

Robin.Kane@Mogharebi.comBrendan Kane| 559.289.0698

Vice President

Brendan.Kane@Mogharebi.com

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA

INDUSTRY KEYWORD: CONSTRUCTION & PROPERTY RESIDENTIAL BUILDING & REAL ESTATE

SOURCE: The Mogharebi Group

Copyright Business Wire 2021.

PUB: 09/17/2021 05:09 PM/DISC: 09/17/2021 05:09 PM

http://www.businesswire.com/news/home/20210917005526/en