By Alex Girda, Associate Editor
Three multifamily properties traded this week in Chula Vista, Bermuda Dunes, and Lake Elsinore for a total sales volume of $85 million. What ties them all together? The three deals were arranged by Managing Director Director Alex Mogharebi out of real estate company Berkadia’s Ontario, CA office.
In Chula Vista, Mogharebi arranged the sale of The Villages at Bonita Glen for $49.1 million. Located at 240, 250, 254 and 260 Bonita Glen Drive and 72 Sandalwood Drive, the 295-unit property was built in phases throughout the 70s and 80s. Acquired by Philadelphia-based RRE Bonita Glen Holdings, the property was fully occupied at the time of the transaction. Former owner Granite Investment Group held the property since 1997.
The second property of the three is Oasis at Bermuda Dunes, a 140-unit community that was bought by Pacific Development Partners for $19 million. Located at 79090 42nd Avenue in Bermuda Dunes, the community was finished in 2005 by current seller, L.A.-based Tri-Millennium Properties. The resident amenity package includes a swimming pool, business center, playground, and media room. According to a press statement announcing the sale, the new owners are looking to increase revenues at the property through a host of changes that includes a new property management team.
Located at 15120 Grand Avenue in Lake Elsinore, Harbor Grand is the final asset on the list. The 192-unit community was sold by owner Positive Investments to Providence Capital Group for $16.9 million. The buyer acquired Harbor Grand as the upleg of a 1031 exchange. Positive Investment previously acquired the property out of foreclosure and, during its tenure as owner, carried out a number of improvements.