INDIO, Calif., Feb. 01, 2018 (GLOBE NEWSWIRE) — The Mogharebi Group (“TMG”) has completed the sale of Parkwood Apartments at Polo Grounds, a 125-unit community that is located on Avenue 48. The property sold with multiple offers at the full list price of $16,500,000 that equates to $132,000 per unit or $171 per square foot. The buyer was a private investment group based in San Diego.
“At a price of $132,000 per unit, this transaction represents a record for apartment communities in Indio. The record setting price is attributable to several factors, including a lack of inventory available, our proprietary exchange platform, the high quality of the asset, and strong rental growth in the submarket,” says Otto Ozen, Executive VicePresident of TMG. “We aggressively marketed Parkwood Apartments at Polo Grounds to our list of high net worth private as well as exchange buyers. This strategy generated multiple offers and closed at full list price.”
Alex Mogharebi and Otto Ozen of TMG represented the seller, a real estate development firm located in Orange County and the San Diego based buyer.
Built on a 7.51-acre site in 2014, the property is located at 81777 Avenue 48 in Indio. Parkwood Apartments at Polo Grounds features lavishly outfitted units. The community features exquisite common area amenities including a private clubhouse, library, business center, FiOS Internet / TV, community room with kitchen, and cutting-edge fitness center. Its sprawling grounds include a sparkling swimming pool and relaxing spa, exotic landscaping, mountain vistas, covered dining area with barbeques, a private nature park with designated pet area, and a resident vegetable garden.
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.