The Morgan Group based out of Houston, TX, has recently sold the 13 unit Jacaranda Senior Apartments to to an institutional investment manager. The complex is marketed as a upscale apartment community with each unit averaging about 1,000 square feet, and includes the modern amenities that one would expect in upscale apartment.
"When we put Jacaranda up for sale, we were just testing the market," said Chairman and CEO Mike Morgan. "We received multiple offers, however, and soon realized that the market was hot for multifamily properties in Southern California. We continue to be interested in California development. In addition to owning and managing over 1,000 units from San Diego to Los Angeles, we have been working on a mixed-use development in downtown Fullerton as part of a public/private partnership."
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