Visalia townhomes sell for a record $170,000 per unit
Cameron Crossing sets a new record for per unit price sale of multifamily housing development
VISALIA – A Visalia townhome development has set a new record for sales in the area, according to the seller.
The Mogharebi Group (TMG), a housing brokerage firm, announced at the end of July it had completed the sale of Cameron Crossing, a 96-unit community, located on Cameron Avenue in Visalia near the intersection of Court Street and Caldwell Avenue. The property sold with multiple offers for $16.3 million. TMG actually set the record for a development sale in March 2018 when it sold the Four Creeks Apartment Homes for $19.2 million, but because that was a 146-unit community, the Cameron Crossing sale exceeded the per unit price by more than $40,000 with a total per unit price of $170,000. The buyer was a private family from Visalia.
“This sale of Cameron Crossing represents a record for apartment communities in Visalia. The record setting price is attributable to several factors, including a lack of inventory available, our proprietary exchange platform, Class A construction, desirable unit mix, and strong rental growth in the submarket” says Otto Ozen, executive vice president of TMG. “We aggressively marketed Cameron Crossing to our list of high net worth private as well as exchange buyers. This strategy generated interest from buyers across California and resulted in multiple offers. Ultimately one of our high net worth private clients stepped up and won this terrific deal.”
Principals Alex Mogharebi, Otto Ozen, Robin Kane, Mark Bonas, and Brendan Kane of TMG represented the seller, a Washington state-based private investment group.
Built on a 4.8-acre site for a comfortable density of 20 units per acre, Cameron Crossing features spacious one, two, and three-bedroom floor plans with an average size of 957 square feet. It boasts a swimming pool, laundry facilities, clubhouse, spa, and reserved parking.
About The Mogharebi Group (TMG): The Mogharebi Group is a brokerage firm specializing in the multifamily property sector throughout California. With unrivaled local knowledge, an extensive global network of top real estate investors, a fully integrated platform, and direct access to capital, The Mogharebi Group is the best choice to meet the needs of major private investors and investment funds.