TULARE, CA — The Mogharebi Group, (“TMG”) has completed the sale of Oak Park Townhomes, an 81-unit community that is located on Martin Luther King Jr. Ave in Tulare, CA. The property sold with multiple offers for a sales price of $8.15 million.
“Oak Park is low density, late 80s built asset that is comprised of mostly townhomes. The property was highly attractive to investors and it had a proven ‘value-add’ repositioning upside. As a result, there was a significant amount of buyer interest,” says Otto Ozen, Executive Vice President of The Mogharebi Group. “We generated multiple offers from our network of private high net worth and 1031 exchange buyers closed at over 99% of the listing price.”
Alex Mogharebi and Otto Ozen of The Mogharebi Group represented the seller, a private investor, based in Silicon Valley California.
Built in 1987, Oak Park Townhomes is a two-story, 81-unit apartment community that is located at 1100 Martin Luther King Jr. Ave in Tulare, CA. The property comprises 20 buildings totaling 82,960 square feet and is situated on an approximately 4.69-acre site. Oak Park Townhomes features spacious two-, three- and four-bedroom townhomes. The property features secured access, leasing office, multi-sport game court, outdoor BBQ/Picnic area and reserved covered parking.