IDEAL Capital Group sold the 91-unit Union North apartment complex for $29.25 million, according to a press release. Image via apartments.com.
Written by Gabriel Dillard
A Clovis-based investment firm has sold a Manteca apartment property to garner a triple-digit return on their equity.
IDEAL Capital Group sold the 91-unit Union North apartment complex for $29.25 million, according to a press release.
The group had purchased the complex for $17.2 million in 2018. For the shareholders in IDEAL Capital Group, their initial equity investment of $7.1 million grew 132% over three years to $16.5 million.
The investors in IDEAL purchased the property because of its proximity to the Bay Area, according to the release.
While under IDEAL’s ownership, common areas around the apartment complex were rehabilitated. Cabanas and covered structures were installed around the pool area. A tot lot was installed as well as a barbecue area, new signage and updated landscaping.
Alex Mogharebi and Otto Ozen of The Mogharebi Group represented the buyer, a private individual and IDEAL.
“Even before COVID-19, Union North was experiencing substantial increases in demand from renters who were looking for a more comfortable quality of life,” said Austin Herzog, president of IDEAL Capital Group.
“Many economic factors resulted in Union North experiencing record occupancy and tremendous rent growth over the past three years.”