TMG Brokers $7M Sale of Costa Mesa Apartment Complex
Multifamily brokerage firm, The Mogharebi Group (TMG), has arranged the $7.25 million sale of an apartment community in Costa Mesa, CA. The buyer, a local private investor, purchased the fully occupied property located on Avocado Street from an undisclosed seller.
“Despite the unfavorable debt market, we were able to obtain an outstanding price for this generational asset, one of the higher sales in the market for two-bedroom units,” said TMG’s Brett Bayless who teamed with the firm’s Ben Ketel to represent the seller. The complex traded for more than $483,000 per unit.
Built in 1954 and 1986, the 1.14-acre property features a mix of two-bedroom townhomes, two-bedroom single-story detached apartments, one-bedroom and studio units with select units including garages and patios. The Avocado Street location offers easy access to nearby South Coast Plaza and is just minutes away from Newport Beach, John Wayne Airport and UC Irvine.