MERCED, Calif.–(BUSINESS WIRE)–The Mogharebi Group, has completed the sale of Axis at Compass Pointe in Merced, a 96-unit community located at 3779 Horizon Avenue. The property sold with multiple offers for a record price of $23,500,000 that equates to $244K per unit or $245 per square foot. The buyer is a private investment group out of the San Diego area.
“No inventory has been added in Merced since 2013, apart for Axis at Compass Pointe. Therefore, there was a high level of interest from buyers for this asset,” says Nazli Santana, Senior Investment Advisor of TMG. “Axis at Compass Pointe is the top option for UC Merced off-campus housing, as well as the nearby Medical Center and College.” Ms. Santana concluded, “As a result, the property sold at a record price for the market.”
Nazli Santana and Otto Ozen of TMG represented the buyer, a San Diego based private investment group.
Built in 2019, Axis at Compass Pointe is a two-story, Class A, 96-unit apartment community that is located on Horizon Avenue in Merced, CA. The property comprises 12 residential buildings totaling 95,808 rentable square feet. The complex is situated on a 4.87-acre site. The apartment homes feature spacious one-, two-, and three-bedroom floor plans with an average size of 1,000 square feet. The property boasts a clubhouse, fitness center, and leasing office. The units feature granite countertops, wood flooring, balconies & patios, and in-unit washer / dryer.
About The Mogharebi Group (TMG): The Mogharebi Group is a brokerage firm specializing in the multifamily property sector throughout the Western United States. With unparalleled local market knowledge, an extensive global network of top real estate investors, state-of-the-art technology, and direct access to capital with over $800MM in regularly revolving inventory, The Mogharebi Group is the best choice to meet the needs of major private investors and investment funds.