The Mogharebi Group has arranged the $17.9 million sale of Rosemont Terrace, a 100-unit garden-style multifamily community in Sacramento, California. Mogharebi Executive Vice President Otto Ozen represented the seller, a Southern California-based private investment group.
Built in 1970, Rosemont Terrace comprises a mix of one-, two-and three- bedroom apartment homes housed in 15, two-story residential buildings on a nearly five-acre site. Community amenities include a swimming pool, laundry facilities, an outdoor picnic area, and carport parking.
The property benefits from several demand drivers including the highly-rated Sacramento Unified School District. Rosemont Terrace is within walking distance to the elementary, middle, and high schools in the neighborhood. Residents are also within a 30-minute commute to nearly 800,000 jobs.
“Rosemont Terrace is a fundamentally sound property which had its share of challenges resulting from the Covid pandemic,” said Ozen. “With those issues behind us, we were able generate numerous offers from a wide variety of investors.”
The winning bid was largely based on the buyer’s knowledge and experience with the intricacies of the Sacramento market, according to Ozen. The buyer plans to improve occupancy by bringing in professional management to improve operations.
