PACOIMA, Calif., Jan. 31, 2018 (GLOBE NEWSWIRE) — The Mogharebi Group, (“TMG”) has completed the sale of Loma Vista Apartments, a 60-unit community that is located on Van Nuys Boulevard in Pacoima, CA. The property sold with multiple offers for a sales price of $10.75 million. The buyer was a private investment group based in West Los Angeles.
“As a result of the desirable infill location and rental upside due to rent control, the buyer pool was large,” says Otto Ozen, Executive Vice President of TMG. “To maximize the value of this community, we aggressively marketed it to our list of high net worth private clients who are currently looking for exchange up-legs, this strategy generated multiple offers and closed at 95% of list price.” Mr. Ozen concluded, “The property represented a true value-add opportunity that required a special buyer to realize its full potential.”
Alex Mogharebi and Otto Ozen of TMG represented the seller, a San Gabriel Valley based private investor, and the West Los Angeles based buyer.
Built on a 2.43-acre site in 1957, the property is located at 12544 Van Nuys Boulevard in Pacoima. The community is in the Pacoima neighborhood of Los Angeles, near the Sub Valley Metrolink Station and the 210, 118 & 5 freeways. It is a short drive to several significant employers including: The Walt Disney Company, Warner Bros Entertainment, Providence St. Joseph’s Hospital and Bob Hope Airport.
Loma Vista Apartments features community amenities including two laundry centers, garden / courtyard with walkways, and controlled access. The apartment homes feature spacious one, two, and three-bedroom floor plans with an average size of 781 square feet. The units feature granite and granite inspired countertops, plush carpeting in the bedrooms and wood laminate in the living areas, and balconies in some units.
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.