Ceres Apartments Trade After 20-Year Hold

Marcus & Millichap finalized the sale of The Vineyard, a 212-unit multifamily property in Ceres, near Modesto. The sale price was $32.6 million, or $153,774 per unit.

“The Vineyard is a well-positioned, income-generating property with substantial value-add potential that gives our buyer a significant foothold in a desirable Central Valley multifamily market,” said Jon Mimms, senior managing director investments in Marcus & Millichap’s Fresno office.

He added that the property was on the market for the first time in more than 20 years. “We generated multiple offers for the property from buyers throughout the state, including Los Angeles and the San Francisco Bay Area.” Mimms represented the seller and procured the buyer.

The property’s location near California State Route 99 and close to bus lines gives residents easy commutes within Ceres or to nearby Modesto. Built in 1979, The Vineyard has a park-like setting with trees, pathways and a walking and jogging trail.

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