The Mogharebi Group (TMG) has arranged the sale of The Landing Apartments, a 156-unit multifamily community in Ontario for $50.5 million. Representing the seller, an Orange County-based family that owned the property for more than 20 years was TMG’s Alex Mogharebi, Otto Ozen and Bryan LaBar.
Situated at 3364 Honeybrook Way, The Landing is a garden-style apartment complex with two and one bedroom units featuring in-unit laundry facilities as well as pool and spa amenities along with tennis court access, carport parking spaces and private lake access.
Ozen remarked “Despite a very challenging capital markets environment we were able to generate over 20 offers on The Landing which sold to Los Angeles based investor at sub 4.5% cap rate.” He further added “Investors were attracted due to multiple levels of growth potential this extremely well located community offered including capturing significant rental upside through value add plan focused on interior renovations.”
