97-Unit Modesto Apartment Community Sells for $17.6MM

Keller Williams, San Francisco, Peninsula

MODESTO, Calif.–The Mogharebi Group (“TMG”) has completed the sale of Trails at 2112 Apartments, a 97-unit community in Modesto. The property sold for $17,550,000 with multiple offers ($180,927 per unit). Alex Mogharebi and Otto Ozen of The Mogharebi Group represented the seller, a Northern California-based investor. The buyer was a private investor, also based in Northern California.

“The property is a high-quality turnkey asset that’s located in a desirable central valley market,” said Otto Ozen, Executive Vice President of The Mogharebi Group. “As a result, the property garnered a high level of interested buyers for this stable asset. Through our proprietary 1031 exchange platform that includes a robust network of private, high net-worth and exchange buyers, we were able to drive the value and successfully close.”

Built on a 5.32-acre site in 1985, Trails at 2112 Apartments is located at 2112 Floyd Avenue in Modesto. It has significant exposure on fronting roads, with over 13,000 cars per day. The property comprises twelve residential buildings totaling 84,946 rentable square feet and one common area building. The apartment homes feature spacious one- and two-bedroom floor plans with an average size of 876 square feet. The units feature gourmet kitchens, patio / balcony with private entrances, and ceiling fans. The property features a large sparkling pool and spa, lush landscaped walkways, a fitness center, reserved covered parking, and in-unit washer / dryers. It is within walking distance to Sutter Health Memorial Medical Center and numerous retail amenities including groceries, restaurants, pharmacies, and schools.

About The Mogharebi Group (TMG): The Mogharebi Group is a brokerage firm specializing in the multifamily property sector throughout California. With unrivaled local knowledge, an extensive global network of top real estate investors, state of the art technology, and direct access to capital, The Mogharebi Group is the best choice to meet the needs of major private investors and investment funds.

West Coast Commercial Real Estate News