The Californer - The Mogharebi Group Brokers .25 Million Sale of Costa Mesa, CA Multifamily Community

Trending...

Tampa-Based Digital Marketing Agency Launches New Website to Help Local Businesses Grow Online - 111
California: Governor Newsom announces new tax credits that will generate $2.1 billion investment in world's 4th largest economy
New PSA Campaign to Address Black Maternal and Infant Mortality in Los Angeles County

COSTA MESA, Calif. - Californer -- News From The Mogharebi Group

The Mogharebi Group (TMG) has brokered the $7.25 million sale of a multifamily community in the Orange County community of Costa Mesa, CA. The buyer of the fully occupied property is an Orange County-based private investor.

Built in 1954 and 1986, the property is located at 221½ - 233 Avocado St. on a 1.14-acre site with easy access to the Costa Mesa Freeway. Situated on two parcels, the asset features a mix of two-bedroom townhomes, two-bedroom single-story detached apartment homes, one-bedroom, and studio units with select units including garages, patios and washer/dryer hookups. The low-density property holds the potential for ADU expansion.

"Despite the unfavorable debt market, we were able to obtain an outstanding price for this generational asset, one of the higher sales in the market for two-bedroom units," said TMG's Brett Bayless, who teamed with fellow Senior Vice President Ben Ketel to represent the seller.

More on The Californer

Indicative of the healthy investor appetite for multifamily assets in the area, the 221½ - 233 Avocado St. sales price of more than $483,333 per conforming unit represented a 25% percent increase over the 2021 per unit median price of $386,236. According to PwC and Urban Land Institute's "Emerging Trends in Real Estate 2022," Orange County ranked fourth nationally in multifamily investment favorability.

In a market that long term has faced housing shortages, only 224 multifamily units are planned in Costa Mesa over the next five years, falling well short of the expected formation of 810 new households over that same period, according to TMG research.

221½ - 233 Avocado St. offers easy access to shopping and entertainment, including nearby South Coast Plaza, the largest mall in Southern California. The property is only minutes away from Newport Beach and John Wayne Airport. Within close proximity are three major educational institutions – Orange Coast College, Vanguard University and the University of California-Irvine – that have a combined enrollment exceeding 60,000 students.

More on The Californer

About The Mogharebi Group
The Mogharebi Group is one of the largest multifamily brokerage firms in the United States by volume. With offices throughout California, Seattle and Salt Lake City, The Mogharebi Group offers private investors and investment funds deep local market knowledge, an extensive global network of top real estate investors, state-of-the-art technology and direct access to capital with over $800 million in regularly revolving inventory. For more information visit: http://www.Mogharebi.com