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The Mogharebi Group arranged the sale of Trails at 2112 Apartments, a 97-unit multifamily community in the Central Valley city of Modesto, CA

Sale of Modesto Apartments Sets Per-Door Pricing Record

The Mogharebi Group arranged the $25.2-million sale of Trails at 2112 Apartments, a turnkey 97-unit multifamily community in the Central Valley city of Modesto. EVP Otto Ozen and SVP Brian Nakamura represented the seller, Berkeley-based Valiance Capital.

Located at 2112 Floyd Ave., the circa-1985 property was acquired through TMG three years ago. Valiance invested nearly $2.9 million in capital expenditures to transform the property into aluxury asset.

“Despite rising interest rates, high inflation and other economic uncertainties, we generated significant interest in the property and procured nine qualified offers,” said Ozen. “We sourced a strong exchange buyer and ultimately closed at just under $260,000 per door, setting a high price for a deal of this size and underscoring our position in the market.”

The transaction set a new high watermark for apartment assets of this size and vintage in Modesto, according to CoStar data.


Inside The Story

Mogharebi Group

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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