The Mogharebi Group (TMG) completed the sale of The Landing, a 52-unit community in Newport Beach, CA. The property sold with multiple offers for $18.5 million to an undisclosed Orange County-based private investor.
Built on a 1.79-acre site in 1971, the property is located at 20102 Southwest Birch St. The apartment homes feature a mix of 31 spacious two-bedroom floor plans, and 21 one-bedroom floor plans.
TMG’s Mike Marcu represented the San Gabriel Valley-based private investment group seller, as well as the buyer.
Marcu says, “In the case of The Landing, we found a buyer that was looking to upgrade location. Due to our relationship with the seller, we were able to convince the seller to provide the buyer time to market their down leg. In a short period of time, we were able to successfully market the buyer’s downleg and close on The Landing at 97% of list price.”
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