TMG Sells Eagle Rock Multifamily for $16M

The Mogharebi Group (TMG) has completed the sale of the Yosemite Gardens apartments in L.A.’s Eagle Rock community for $15.5 million, or $310,000 per unit. TMG’s Nazli Santana and Otto Ozen represented the seller in the transaction, a Los Angeles-based private investor. The buyer was a privately-held investment group based out of Los Angeles.

“Due to below market rents, highly desirable location, strong unit mix, and a low unit-to-land ratio, Yosemite Apartments presented a tremendous value-add and development upside opportunity. Consequently, the buyer pool was significant and diverse” said Santana.

Yosemite Gardens, built in 1951, features a two-story, 50-unit apartment community in three buildings totaling 42,900 rentable square feet on a two-acre site. The property is a mix of one and two-bedroom units with an average size of 858 square feet. The property boasts outdoor picnic areas, dog runs and detached garages.

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