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1/28/21
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Portico Villas, a 128-unit multifamily community in Fullerton, traded hands for $49.83 mil, which works out to $389k per unit. Built in 1987, Portico Villas is located at 140 West Hill Ave, north of the 91 Fwy and just west of Harbor Blvd.
Portico Villas consists of nine two-story buildings totaling 114.7k sf, situated on a 3.47-acre site. The apartment homes feature spacious one- and two-bedroom floor plans with an average size of 896 sf. The property boasts a sparkling swimming pool, clubhouse, pet playground, fitness center, laundry facility, and ground floor covered parking.
Alex Mogharebi and Otto Ozen of The Mogharebi Group represented the seller, a SoCal-based investment group. The buyer was a private investment group, also based in Southern California. The property listing generated multiple offers.
“Portico Villas is well maintained community with upside potential in a highly desirable Orange County market,” commented Ozen.
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