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California  + Orange County  + Senior Housing  | 
TMG Brokers $41M Affordable Housing Portfolio Sale

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.

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The Mogharebi Group (TMG)ROEM DevelopmentAlex Mogharebi

About Mark Nieto

Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.

  • ◦Sale/Acquisition
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