The Mogharebi group facilitated the sale of Sunnyview Villa Apartments, a 44-unit affordable housing community in Palm Springs, CA.
A California-based affordable housing investor acquired the property for $11.3 million, with Mogharebi Group executive vice president Otto Ozen working on behalf of the private investor sellers.
Completed in 1980, Sunnyview Villa Apartments comprises seven two-story buildings with two- and three-bedroom floor plans.
Located at 2900 N. Indian Canyon Drive on a 3.8 acre site, the property is close to Route 111 and Interstate 10. There is an abundance of dining options, spaces commercial, green space and entertainment venues near the property, including Palm Springs Art Center for Architecture and Design Museum and Moorten Botanical Garden. Desert Regional Medical Center is just 1.5 miles from the community and Palm Springs International Airport is less than 4.5 miles away.
Ozen said in prepared remarks that the company was able to complete the transaction at the asking price due to the community’s location in an area with high demand for affordable housing.
The housing crisis and the skyrocketing demand for affordable housing in California are well known. Wakeland Housing and Development Corp. President and CEO Rebecca Louie explains what’s impeding construction in the state and how she plans to boost production of affordable housing in this interview with Multi-Housing News.