The Mogharebi Group (TMG) has arranged the $8.5 million sale of Northport, a 60-unit multifamily community in Victorville, California, to the Housing Authority of the County of San Bernardino (HACSB).
Located at 14243 Rodeo Dr. in San Bernardino County’s fifth largest city, Northport is comprised entirely of highly desirable two-bedroom, two-bathroom floor plans housed in seven two-story residential buildings on a 3.26-acre site. Community amenities include a swimming pool, covered parking, laundry facility, gated /controlled access, and rentable storage areas. Northport was 96 percent leased at the time of closing.
Otto Ozen, TMG Executive Vice President represented the seller, an Inland Empire Private Investment Group. The ability to assume the existing debt at a fixed rate of 3.31 percent with significant term remaining resulted in an extremely competitive bidding process, according to Ozen.
“We generated 18 offers from a wide spectrum of bidders, ultimately selecting HACSB, which will add Northport to its existing pool of affordable housing in the region.”
“It’s always exciting when we can increase the number of affordable homes in our communities,” said Rishad Mitha, HACSB’s Deputy Executive Director. “By acquiring Northport, we are able to provide a safety net for residents to ensure their homes remain affordable long-term.”
Founded in 2015, The Mogharebi Group is one of the leading multifamily brokers in the state of California, according to real estate research and advisory firm Green Street. TMG has been involved in closing almost 10,000 units in the Inland Empire with total value nearing $2 billion.
