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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