
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.
- ◦Sale/Acquisition