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September 19, 2020
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NoCal Multifamily Community Trades for $78.5k/Unit

9/04/20

Spring Mountain, a 184-unit residential community in Corning, CA, traded hands in a recent $14.45 mil ($78.5k/unit) transaction. Built in 1986, the property is located at 240 Edith Ave, off I-5 roughly 115 miles north of Sacramento.

Spring Mountain is comprised of 15 two-story buildings totaling 175k sf situated on a 9.96-acre site. The property boasts a resort-style swimming pool, clubhouse with a full kitchen, outdoor BBQ, entertainment area, leasing center, business center, fitness center, and a mix of covered and surface parking.

Alex Mogharebi and Otto Ozen of The Mogharebi Group represented the seller, a private investment group based in Southern California. The property sold within 97% of its pre-COVID asking price with multiple offers.




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