Racquet Club Apartments Sell for $21 Million

The Mogharebi Group (“TMG”) has announced the $21-million sale of the Racquet Club Apartments, a 200-unit community located on 15th Street West, in Lancaster, California. Alex Mogharebi and Otto Ozen represented both the buyer, a private Los Angeles-based investment group, and seller, TMG ,during the transaction which reportedly closed July 27th.

According to TMG, the Racquet Club was built in 1973 on a 9.65 acre property. The multifamily complex offers tenants a number of unique amenities, including “exquisite” common areas, two large resort-style swimming pools, hot tubs, two tennis courts, and a 24 hour state-of-the-art fitness center.

“At a per-unit price of $105,000, this transaction represents a record price for communities that are over 30 units in the Lancaster / Palmdale area. The prior record was set at $104,000 per door during the last market cycle in 2004,” said TMG’s Mogharebi.

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