The Mogharebi Group has completed the sale of Echo116 in Anaheim, Calif., a 116-unit community located at 1727 Glenoaks Avenue. The property sold for an area-record price of $37.25 million, equating to $494 per square foot. The buyer is a private investment group out of the San Jose area.
“Echo116 has gone through extensive renovations, with approximately $2.3M spent on the unit and common area renovations,” said Otto Ozen, executive vice president of TMG. “Plus, Northwest Anaheim rents have been rapidly rising, and vacancy has been negligible. As a result, there was a high level of interested buyers for this asset with multiple offers. It was our proprietary 1031 exchange platform, of private high net-worth and exchange buyers, that ultimately procured a private investor.”
Built in 1969 and 1970, the property comprises four residential buildings totaling 75,040 rentable square feet. The complex is situated on a 1.432-acre site. The apartment homes featur
