TMG Closes Sale of Whittier Apartments with 99-Year Ground Lease
The Mogharebi Group (TMG) arranged the $31.25-million sale of Citrus Court, 138-unit apartment community in Whittier. The garden-style community located at 8121 Broadway Avenue is encumbered by a 99-year ground lease with 41 years remaining. Costa Mesa-based TMG EVP Otto Ozen advised the seller.
“Less than 3% of all Southern California real estate transactions are subject to ground leases and we have done well more than our share,” said Ozen. “A ground lease is like a melting ice cube. You start with the maximum term and from that point on, each year is less desirable as financing becomes more difficult. However, given our experience, we were able to overcome the hurdles, generate multiple offers and close within 90 days of entering into the purchase and sale agreement.”
Built in 1967, Citrus Court offers a mix of studio, one-, two, and three-bedroom floorplans averaging 843 square feet. The seller recently completed renovations in 120 units, updating kitchens and bathrooms and installing new hardwood floors.
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Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-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 15-20 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).