MODESTO, Calif.--(BUSINESS WIRE)--The Mogharebi Group ("TMG") has completed the sale of The Commons Apartment Homes, a 100-unit community, and Summerview Apartment Homes, a 136-unit community, in Modesto. The two properties sold together for $39,600,000 with multiple offers. Alex Mogharebi and Otto Ozen of The Mogharebi Group represented the seller, a Southern California based investor. The buyer was a private investor based in the Bay Area.
“Both properties are high quality assets, very desirable locations, and a strong unit mix with outstanding visibility. These Central Valley communities present tremendous value,” said Otto Ozen, Executive Vice President of The Mogharebi Group. “However, it was our proprietary 1031 exchange platform of private high net-worth and exchange buyers that ultimately stepped up to the plate and made the most attractive offer to the seller to win these deals.”
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 3601 Prescott Road in Modesto. 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 of Highway 99, shopping/jobs at Vintage Faire Mall, Kaiser Permanente Medical Center, and Central Valley Plaza.
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.
For more information visit: Mogharebi.com.