Northern California private investor purchases high-quality turnkey asset in desirable Central Valley market

97-Unit, $17.55 Million Sale in Modesto, CA

Monday, March 22, 2021

MODESTO, CA – The Mogharebi Group ("TMG") has completed the sale of Trails at 212 Apartments, a 97-unit community in Modesto. The property sold for $17,550,000 with multiple offers. 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 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 of Sutter Health Memorial Medical Center and numerous retail amenities including groceries, restaurants, pharmacies, and schools.