Two Modesto Apartment Complexes Sell for $40M
The deal for the two complexes in the central California city of more than 200,000 people closed on schedule despite the COVID-19 outbreak.
MODESTO, CA—A private investor in the Bay Area has acquired two apartment complexes here from a Los-Angeles-based family for $39.6 million.
Otto Ozen, a broker with The Mogharebi Group who represented the sellers alongside Alex Mogharebi, declined to disclose the identity of the buyers and sellers when reached by GlobeSt. But he said the deal came together prior to the COVID-19 outbreak in the US, , though it went through escrow and closing during the pandemic. The deal closed on schedule, he said.
The sale was facilitated through the California–based Mogharebi Group’s 1031 proprietary exchange platform, which brings together private high net-worth buyers and sellers. The two apartment properties sold together with multiple offers, according to Ozen.
The larger of the two properties, the Summerview Apartment Homes, has 136 units on more than 5 acres. The second complex, built in 1989 and named The Commons Apartment Homes, has 100 units on 4.33 acres. Both complexes have pools and fitness centers, and are located off major thoroughfares in this central California city of more than 200,000. The complexes are also within a short distance to a mall, hospital, and other amenities.
“Both properties are high-quality assets, very desirable locations, and a strong unit mix with outstanding visibility,” Ozen said. “These Central Valley communities present tremendous value.”