California + Orange County + Apartments | December 8, 2022

TMG Brokers $50M Sale of Central Valley Multifamily Property

Costa Mesa, CA-based real estate brokerage firm The Mogharebi Group (TMG), has arranged the $50 million sale of Oak View Apartments, a 237-unit, garden-style multifamily community in Visalia, CA. The property was purchased by an undisclosed Southern California private investor while TMG represented the seller, also a SoCal private investor.

Built in 1990 and partially renovated this year, Oak View Apartments offers a mix of one-, two, and three-bedroom units in two-story buildings spread across 16-acres on West Caldwell Avenue. Community amenities include a clubhouse with full kitchen, two swimming pools, sports courts and a business and fitness center.

“Despite interest rates climbing rapidly making financing difficult and causing investors to hesitate, we were able to generate tremendous interest from a wide range of buyers,” said TMG Executive VP Otto Ozen. “That resulted in one of the largest multifamily transactions ever in Visalia.”

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TMG's Otto Ozen

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.