TURLOCK, Calif.--(BUSINESS WIRE)--The Mogharebi Group, (“TMG”) has completed the sale of Arbor Manor Senior Cottage Homes, a 49-unit senior community located at 140 West Minnesota Avenue in Turlock, California. The property sold with multiple offers for a record-setting sales price of $7.2 million or $147,000 per unit.
“Due to strong in-place cash flow and desirable central location, Arbor Manor provided stable occupancy and collections with proven value-add upside,” 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 Turlock.”
Bryan LaBar and Otto Ozen of The Mogharebi Group represented the seller, a northern California private investor. The buyer, a private investor based in the bay area was represented by Robin Kane, also of The Mogharebi Group.
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