The Mogharebi Group (TMG) recently arranged the sale of Citrus Court, a 138-unit apartment community located in Whittier for $31.25 million. The garden-style property is encumbered by a 99-year ground lease with 41 years remaining and was advised on by TMG EVP Otto Ozen.
Ozen commented that “less than 3% of all Southern California real estate transactions are subject to ground leases and we have done well more than our share”, noting that despite the challenge posed by such an arrangement they were able to generate multiple offers and close within 90 days of entering into the purchase agreement.
Built in 1967, Citrus Court features studio, one-, two-, and three bedroom floorplans averaging 843 square feet which have been recently renovated with updated kitchens & bathrooms as well as new hardwood floors in 120 units.
