Oak Park Townhomes on Martin Luther King Jr. Avenue is under new ownership as of last week
TULARE – One of Tulare’s large apartment complexes changed hands last week giving Oak Park Townhome residents a new landlord.
The 81-unit community located on Martin Luther King Jr. Avenue sold for $8.15 million. According to broker firm The Mogharebi Group, the building was a valuable commodity and attracted several buyers.
“Oak Park is a low density, late ’80s built asset that is comprised of mostly townhomes. The property was highly attractive to investors and it had a proven ‘value-add’ repositioning upside. As a result, there was a significant amount of buyer interest,” Otto Ozen, executive vice president of The Mogharebi Group said. “We generated multiple offers from our network of private high-net-worth investors and 1031 exchange buyers closed at over 99% of the listing price.”
Built in 1987, Oak Park Townhomes is a two-story, 81-unit apartment community that is located at 1100 Martin Luther King Jr. Ave in Tulare. The property comprises 20 buildings totaling 82,960 square feet and is situated on an approximately 4.69-acre site. Oak Park Townhomes features spacious two-, three- and four-bedroom townhomes. The property features secured access, leasing office, multi-sport game court, outdoor barbecue/picnic area and reserved covered parking.