Tustin View Apartments, an 84-unit community in Santa Ana, CA, sold for $22.4 million. The Mogharebi Group (TMG) handled the transaction on behalf of the seller, an undisclosed Los Angeles-based investor. The buyer was an unnamed Northern California-based private, exchange investor.
TMG’s Alex Mogharebi said, “Due to the location and quality of this property, coupled with the proven value-add program, the potential buyer pool was significant in size. To maximize the value of this community, we aggressively marketed it to our list of high net worth private clients who are currently looking for exchange up-legs.”
Built on a 2.83-acre site in 1968, the property is located at 2010 Ponderosa St. Community amenities include a large outdoor pool with a resort-like cabana, barbeque areas, two 24-hour laundry centers, fitness center, reserved covered parking and controlled access.
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