Fullerton, CA — The Mogharebi Group (“TMG”) has completed the sale of Oxford North Student Apartments, a 100-unit community, located in Fullerton, California. The property sold with multiple offers for a record-setting sales price of $44.415 million.
“Oxford North is situated adjacent to Cal State University Fullerton, a top-ranked regional university in the US. The property had recently undergone renovations and upgrades to tap into the student population in the area,” says Otto Ozen, Executive Vice President of The Mogharebi Group. “Due to the Covid-19 pandemic, the occupancy had dropped to 63% which made it challenging. However, the location and the strong upside potential made it very appealing to investors. Through our proprietary platform that includes a robust pool of 1031 exchange buyers as well as an expansive network of private and high-net-worth investors, we were able to drive the value.”
Alex Mogharebi, Otto Ozen, and Mike Marcu of The Mogharebi Group represented the sellers; a JV Partnership based in Southern California and the UK. The buyer was a private investment group also based in Southern California.
Built in 1972, Oxford North is a two and three-story complex with ground-floor parking garages, the 100-unit apartment community is located at 2000 Oxford Avenue in the city of Fullerton. The property comprises 10 buildings totaling 87,752 rentable square feet. The buildings are situated on a 4.40-acre site. It features luxurious common area amenities, including a resort-style pool and spa with cabanas, outdoor entertainment lounge, BBQ grill stations, outdoor TVs, clubhouse with Billiards, fitness center with Pilates and Yoga studio, and more.