MODESTO, Calif.--(BUSINESS WIRE)--The Mogharebi Group (“TMG”) has completed the sale of The Commons Apartment Homes, a 100-unit community on Standiford Avenue, and Summerview Apartment Homes, a 136-unit community on Prescott Road, in Modesto, CA. The two properties sold together for $32,568,000 with multiple offers. Alex Mogharebi and Otto Ozen of TMG represented the seller, a Massachusetts based investor. The buyer was a private investor based in Southern California.
“This sale represents a near record setting price for this cycle in Modesto,” says Alex Mogharebi, President of TMG. Mr. Mogharebi concluded, “The strong rental growth and relative value attracted significant investor interest in these two assets. I anticipate continued growth in this submarket as price and yield play catch up with the Bay Area, which is priced well above its pre-recession level. The buyer did very well to acquire the significant high-quality foothold that these properties represent in this promising market.”
Built on a 4.33-acre site in 1989, The Commons is located at 1600 Standiford Avenue, while Summerview is situated on a 5.03-acre site on Coffee Road. They both have significant exposure on their fronting roads, with over 35,000 and 20,000 cars per day, respectively.
The properties feature attractive community amenities, including a sparkling swimming pool and hot tub, 24-hour state-of-the-art fitness center, and reserved covered parking. Both complexes are located within two miles from Highway-99, shopping / jobs at Vintage Faire Mall, Kaiser Permanente Medical Center, and Central Valley Plaza.
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.