California + Orange County + Apartments | January 31, 2023

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.

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Inside The Story

The Mogharebi Group's Brett Bayless

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.

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