The Mogharebi Group completed the sale of Paradise Apartments in Chico, Calif., a164-unit community, located on West Sacramento Avenue for $18,200,000. The price breaks down to $110,976 for each unit or $143 per square foot. The buyer was a private investment group out of Calabasas, Calif., that specializes in student housing.
“Due to the attractive price per unit, there was strong interest in the Paradise Apartments,” says Otto Ozen, executive vice president of TMG. “To maximize the value of this community, we aggressively marketed it to our list of high net worth private clients and student housing investors.”
Otto Ozen, Alex Mogharebi, and Bryan LaBar of TMG represented the seller, an investment group, as well as the buyer.
Built from 1974 to 1988, Paradise Apartments, a two story apartment community, comprises 34 residential buildings with 127,572 rentable square feet, situated on 15.1 acres. The apartments features one, two, three, and four-bedroom units.