The Mogharebi Group (TMG) has closed its second seniors housing sale in a week, despite being mostly focused on the multifamily investment sales market.
Last week, the firm arranged the sale of an independent living community in San Bernardino, California. This week, Otto Ozen and Alex Mogharebi represented a Los Angeles-based private investment group, Crystal Asset Management, in its $18 million sale of Country Club Apartments, a 79-unit seniors housing community, also in San Bernardino. Built in 1986, the two-story community features two-bedroom apartments with floor plans averaging 903 square feet.
Schuler Investment Corp. bought the property from Crystal and secured $9.8 million in acquisition financing from MUFG Union Bank. According to Yardi Matrix, the property last traded in 2017 when the previous owner purchased it for $9.6 million, or $122,500 per unit. This time the sale price almost doubled, amounting to $227,800 per unit.
