The Mogharebi Group, (“TMG”) has completed the sale of Victory Gardens Homes, a 30-unit community located at 13989 Moreno Rose Place in Moreno Valley, California. The property sold with multiple offers for a record-setting sales price of $6.76 million or $225,000 per unit.

“Due to below market rents, desirable location, attractive property layout, and 4.5 acres of excess developable land, Victory Gardens presented a tremendous value-add and development upside opportunity,” says Bryan LaBar, Vice President of The Mogharebi Group. “As a result, there was a high level of interested buyers for this asset. Through our proprietary 1031 exchange platform that includes a robust network of private, high-net-worth and exchange buyers, we were able to drive the value and successfully close at a record price for Moreno Valley.”

Bryan LaBar and Otto Ozen of The Mogharebi Group represented the seller, an out of state private investor. The buyer was a private investment group based in Southern California.

Built in 1954, Victory Garden Homes is a 30-unit apartment community that comprises of 30 residential buildings totaling 30,000 rentable square feet. The community is situated on an 8.99-acre site that features spacious three-bedroom and four-bedroom floor plans with an average size of 1,000 square feet. The property boasts a community garden, excess land, garden courtyard, and leasing office. The individual units include patios, washer/dryer hookups, attached singe car garages and private yards.

About The Mogharebi Group (TMG): The Mogharebi Group is a brokerage firm specializing in the multifamily property sector throughout California. With unrivaled local knowledge, an extensive global network of top real estate investors, state of the art technology, and direct access to capital, The Mogharebi Group is the best choice to meet the needs of major private investors and investment funds.

For more information visit: Mogharebi.com