California CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Bermuda Dunes MF Trades for Record $34M
Medici Apartment Homes, a 140-unit community in Bermuda Dunes, sold with multiple offers for a record-setting sales price of $33.6 million. Built in 2005, the two-story apartment community is located at 79090 42nd Ave.
The property includes 20 buildings situated on a nearly 10-acre site. Common area amenities include a resort-style pool and spa with cabanas, outdoor entertainment lounge, BBQ grill stations, outdoor TVs, clubhouse, parcel locker system, concierge, playground and gym. The asset is low density with less than 15-units-per-acre and nearly two-spots-per-unit of parking for a total of 277 spaces.
The Mogharebi Group’s Alex Mogharebi and Otto Ozen represented the unnamed seller, a SoCal based investment group. The buyer was an undisclosed SoCal private investment group.
Ozen says, “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 in a 90-day period at 99% of the asking price.”
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition




