California Student Housing Complex Sets Record Sales Price
The 87,752-SF, Oxford North Student Apartments, situated near Cal State University Fullerton, sold for $44.4 million to a private investment group.
FULLERTON, CA – A joint-venture partnership based in Southern California and the UK has sold the 100-unit student housing community, Oxford North Student Apartments, in Fullerton, CA to a Southern California-based, private investment group for $44.4 million.
The transaction set a record sales price, following multiple offers.
Situated on a 4.4-acre site near Cal State University Fullerton, the two- and three-story complex comprises 10 buildings, spanning 87,752 square feet. The complex was built in 1972.
Located at 2000 Oxford Ave., the property features 100 units, ground floor parking garages and common area amenities, including a resort-style pool and spa with cabanas, an outdoor entertainment lounge, grill stations, outdoor TVs, a clubhouse with billiards, and a fitness center with pilates and yoga studios.
The Mogharebi Group’s Alex Mogharebi, Otto Ozen and Mike Marcu represented the sellers in completing the transaction.
“Oxford North is situated adjacent to Cal State University Fullerton, a top-ranked regional university in the US,” states Otto Ozen, EVP of the Mogharebi Group. “The property had recently undergone renovations and upgrades to tap into the student population in the area. Due to the Covid-19 pandemic, the occupancy had dropped to 63% which made it challenging. However, the location and the strong upside potential made it very appealing for investors.”