March 23, 2017
A private Salt Lake City, UT-based investment group acquired Saddleback Apartment Homes, 61 condo units located within a larger 340-unit condominium complex in Bermuda Dunes, CA. The condos sold for $6.2 million, which equates to $101,557 per unit.
The Mogharebi Group’s Alex Mogharebi and Otto Ozen represented the buyer, as well as the seller, San Diego-based private equity real estate firm CC-Saddleback LLC.
Located at 78650 Avenue 42, the property is part of the 23.2-acre Saddleback Community. That aspect limited the potential buyer pool “to a specialized group of buyers that could deal with the added complexity of the homeowner association,” Alex Mogharebi said. “The buyer was attracted to this property because it offered quality amenities for the residents, as well as an alternative exit strategy down the road.”
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