A Los Angeles-based private real estate investment group acquired a 284-unit seniors housing community in Wildomar, California, from Craig Thralls, a local developer. The Mogharebi Group represented Mr. Thralls in the transaction. An entity linked to Positive Investments was the buyer.
Built in 2000, Wildomar Senior Leisure Community features 178 independent living and 108 assisted living units. It was fully occupied with a number of units reserved for low-income seniors. The sale involved two separate properties on separate parcels of land, each with their own ground leases. The Mogharebi Group worked with multiple government agencies and around several rent restrictions, and managed to get 99.3% of the original contract price. In the end, the property sold for $28.5 million, or $100,400 per unit.
