COSTA MESA, Calif.–The Mogharebi Group (“TMG”) has arranged the $5.45 million ($218,000 per unit) sale of San Pascual, a 25-unit community located in the Highland Park neighborhood in Los Angeles, CA. Bryan LaBar, Keon Truth, & Otto Ozen of The Mogharebi Group represented the seller, a Southern California family office; the winning buyer was a private investor out of Southern California.
Built in 1962, San Pascual is a 2-story garden style community located on 712 San Pascual Ave and comprises of one- & two-bedroom units situated on a .55-acre corner lot. The property features excellent accessibility to the 110 Freeway, just 2-minutes from the closest on-ramp and twelve minutes away from Downtown Los Angeles. San Pascual was offered to the market for the first time in over 20 years, making it a great opportunity to enter a high barrier to entry submarket, Highland Park.
“Despite buyer sentiment and a rapidly shifting economic landscape, we generated multiple offers, ultimately guiding the winning buyer to successfully close over 97% of list price within 3 months, in a submarket averaging 4 months to sale,” said Keon Truth. “The buyer did well to further their investment objectives by securing a high-demand multifamily asset and 25-unit foothold in a neighborhood where the average apartment building size is 12 units,” added Truth.
Highland Park, Los Angeles’ first actual suburb, has a long history filled with art, agriculture, architecture, and an ethnically diverse mix of Angelenos. Today the rapidly growing neighborhood has become a must-visit location for food enthusiasts, historic home buffs, and tourists looking for an authentic slice of LA in a vibrant hub.
About The Mogharebi Group
The Mogharebi Group is one of the largest multifamily brokerage firms in the United States by volume. With offices throughout California, Seattle, and Salt Lake City, The Mogharebi Group offers private investors and investment funds deep local market knowledge, an extensive global network of top real estate investors, state-of-the-art technology, and direct access to capital with over $800 million in regularly revolving inventory.