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Modesto Apartments Trade in Central Valley’s Largest 2023 Sale
The Mogharebi Group (TMG) arraged the $42.7-million sale of the Edge at Lakewood Apartments, a 196-unit apartment community in Modesto, on behalf of Osso Capital and Graceada Partners. The sale, which closed at the end of December, marks the largest multifamily transaction in California’s Central Valley in 2023.
Cities within the Central Valley, such as Modesto, Fresno and Visalia, present an affordable alternative with rental rates significantly lower than those in San Francisco and the Greater Los Angeles area, said TMG. These demand drivers are attracting investors, particularly private capital and exchange buyers to the region, according to EVP Otto Ozen. In particular, TMG has closed on more than 2,600 apartment units in Modesto specifically and more than 10,000 units in the Central Valley region.
The Edge at Lakewood sits on 7.63 acres of land at 1401 Lakewood Ave. Built in 1985, the property is comprised of one- and two-bedroom units ranging from 598 to 880 square feet. Community amenities include a fitness center, clubhouse, pool, and covered parking.
- ◦Sale/Acquisition
