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California  + San Diego  + Senior Housing  | 

126-Unit Seniors Affordable Goes for $47M in San Diego

The Mogharebi Group (TMG) represented Arka Properties and Black Equities in the sale of Lakeshore Villa Apartments, a 126-unit seniors affordable community located at 6888 Golfcrest Dr. in San Diego to an undisclosed buyer for $47 million. EVP Otto Ozen, VP of affordable housing Shawn Bolour and VP Jordan Pakzad represented the seller. 

“In California, there are only 456 100-unit plus Project Based Section 8 properties, a small fraction which are designated for seniors,” said Bolour.  “We knew we were bringing a rare gem to market, and the resulting bidding war across a diverse buyer pool confirmed it.”

Located in the San Carlos neighborhood of San Diego, Lakeshore Villa Apartments benefits from a 100% Senior HUD HAP Contract, ensuring stable income and long-term occupancy. The buyer plans to invest significant capital into the property and has committed to extending the affordability of the asset, ensuring the preservation of affordable housing for seniors in this local market.   

Read More News Stories About: Mogharebi Group
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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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