Lancaster Apartments Sold for Record Price

A 200-unit apartment complex in Lancaster has sold at a record price for the greater region, according to commercial real estate brokerage firm Mogharebi Group in Costa Mesa. The firm negotiated the $21 million sale of the Racquet Club at 44045 15th St. W. The complex, built in 1974, sold to a partnership in Los Angeles that bought it through a limited liability entity named Olympic Partners, according to CoStar Group Inc. The seller was Strategic Realty Capital of Santa Monica. Alex Mogharebi, president of Mogharebi Group, said the for $105,000 a unit price breaks a record from 2004 for 30-plus unit apartment complexes in the wider area. In addition, the deal received several offers, he added. “This record-setting price is attributable to several factors, including a lack of inventory available for exchange buyers in the market, the Mogharebi Group’s proprietary exchange buyer platform, the property’s stellar location being adjacent to the Antelope Valley Hospital, and strong rental growth in the submarket,” Mogharebi said in a statement. Mogharebi and Otto Ozen arranged the deal on behalf of both the buyer and seller.