GRAND TERRACE, CALIF. — The Mogharebi Group (TMG), a multifamily brokerage firm serving the markets of California, has arranged the sale of The Heights at Grand Terrace, a 228-unit multifamily property located at 22491 De Berry St. in Grand Terrace. The community is located in San Bernardino County, approximately 60 miles east of Los Angeles.
A San Diego-based private group sold the asset to an East Coast-based buyer for $45.5 million, which translates to $199,561 per unit or $237 per square foot. Both parties involved in the transaction requested anonymity.
Built in the 1970s, The Heights at Grand Terrace features apartments that are spread across 19 residential buildings on nine acres. The property features one- and two-bedroom floor plans with an average unit size of 842 square feet, as well as private patios and garages. Community amenities include a resort-style pool and spa, fitness center, private clubhouse, multimedia room, semi-private patios and private garages.
Alex Mogharebi and Otto Ozen of TMG represented both the seller and buyer in the deal.
“At a price of $199,561 per unit, this transaction represents a record for apartment communities in Grand Terrace,” says Ozen, who serves as executive vice president of TMG. “The record-setting price is attributable to several factors including a lack of inventory available in Grand Terrace, our proprietary 1031 exchange platform and value-add upside.”
— Amy Works and Taylor Williams