Mogharebi Group sells Arbor Manor Senior Cottage Homes for $7.2m
The Mogharebi Group (TMG) has wrapped up the sale of Arbor Manor Senior Cottage Homes, a 49-unit senior community in Turlock, California for $7.2 million or $147,000 per unit, to an undisclosed private investor.
Constructed in 1985, Arbor Manor Senior Cottages is a single-story, 55+ senior apartment community located at 140 West Minnesota Avenue.
The property includes nine residential buildings with a total of 28,420 rentable square feet. The community is located on 2.07-acre or so site.
Arbor Manor Senior Cottage is said to have all cottage style one-bedroom / one-bath floor plans. It features a club house, outdoor picnic areas, controlled access gates, garden walkways, and reserved covered parking.
Bryan LaBar – Vice President of The Mogharebi Group said: “Due to strong in-place cash flow and desirable central location, Arbor Manor provided stable occupancy and collections with proven value-add upside.
“As a result, there was a high level of interested buyers for this asset. Through our proprietary 1031 exchange platform that includes a robust network of private, high-net-worth and exchange buyers, we were able to drive the value and successfully close at a record price for Turlock.”