The Mogharebi Group (TMG) completed the sale of Portico Villas, a 128-unit multifamily property in Fullerton. The property sold with multiple offers for a record-setting sales price of $49.83 million.
Built in 1987, Portico Villas is a two-story, apartment community situated on a nearly 3.5-acre site at 140 W. Hills Ave. The property comprises nine buildings totaling 114,656 rentable square feet. Units feature one- and two-bedroom floor plans. The property boasts a swimming pool, clubhouse, pet playground, fitness center, laundry facility, and ground floor covered parking.
The Mogharebi Group’s Alex Mogharebi and Otto Ozen represented the seller, an unnamed SoCal-based investment group. The buyer was an undisclosed private investment group also based in Southern California.
Ozen says, “Portico Villas is well maintained community with upside potential in a highly desirable Orange County market. Despite the challenges posed by the pandemic, we generated strong interest from buyers.”
Dennis Kaiser is Vice President of Content and Public Relations for
Connect Commercial Real Estate. Dennis is a communications
leader with more than 30 years of experience.
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