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8/17/20
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Oak Valley Apartments, a 109-unit multifamily community in the central CA city of Tulare, sold for $15.66 mil ($144k/unit). The property, located at 2001 E Cross Ave, was sold by IDEAL Capital Group, in a joint venture with WinnResidential and Aegon.
The property offers a mix of spacious one-, two-, and three-bedroom apartments. Community amenities include a pool, children’s tot lot, fire pits, barbeques, large common areas, security gates, refurbished clubhouse, and a fitness center.
According to Austin Herzog, President of IDEAL Capital Group, with the sale of Oak Valley, they achieved a deal-level 31% compounded annual return—doubling project equity over 36 months. IDEAL reports that they spent millions transforming the unit interiors and common areas.
The Mogharebi Group’s Alex Mogharebi and Otto Ozen represented the buyer, a private individual, and the seller in the transaction. IDEAL is currently raising its eighth workforce-housing fund.
Known by many as the “Breadbasket of the World,” Tulare is home to the International Agri-Center and a growing set of “essential” industries, including transportation, logistics, construction, and health care.
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