Buyer's strong terms successfully outperformed multiple competing offers on sale of asset in one of the nation’s fastest-growing markets

177-Unit, $37.35 Million Sale in Fairfield, CA

Wednesday, January 5, 2022

FAIRFIELD, CA –The Mogharebi Group ("TMG") has completed the sale of Delta Court apartment community in Fairfield, CA. The property sold for a total of $37,350,000 with multiple competing offers. Otto Ozen and Brian Nakamura of The Mogharebi Group represented both the buyer and seller in this transaction.

"Delta Court is a solid value-add asset with rental upside in one of the nation’s fastest-growing markets. We represented both the buyer and the seller, we used our proprietary 1031 exchange platform of private high net-worth and exchange buyers to ultimately procure multiple offers from well-qualified buyers, despite COVID and the market volatility", said Brian Nakamura, The Marketing Manager of The Mogharebi Group. "Ultimately, the final buyer had strong terms that with a $1,000,000 deposit of which $400,000 of it was nonrefundable at the opening of escrow to mitigate the chances of a re-trade.”

Built in 1962, Delta Court Apartments is a two-story, 177-unit (including 2 non-conforming units) apartment community that is located on Crowley Lane in Fairfield, CA. The property comprises 10 residential buildings totaling 102,556 rentable square feet. The complex is situated on a 4.91-acre site. The apartment homes feature a single-family home, studios, one, and two-bedroom floor plans. The property boasts two swimming pools and laundry facilities.