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TMG Brokers $41M Affordable Housing Portfolio Sale
The Mogharebi Group (TMG) has arranged the sale of a two-property, 118-unit senior affordable housing portfolio in San Jose, CA. The Costa Mesa, CA-based firm represented the seller, ROEM Development, in the $41 million transaction. The buyer was not disclosed.
The two communities, Monte Vista Gardens Senior 1 and 2 are located a block apart in northeast San Jose. The two- and three-story complexes, built by ROEM in the early 2000’s, include a community center with library and kitchen, courtyard and laundry rooms.
“The Monte Vista Gardens Senior portfolio was a rare opportunity for the buyer to acquire high-quality assets in a sector supported by several strong demand drivers, including Baby Boomer demographics, the overall renter economy and the universal need for affordable housing,” said TMG Founder Alex Mogharebi, who brokered the deal along with Executive VP Otto Ozen.
- ◦Sale/Acquisition
