Strong in-place cash flow and desirable central location propelled Arbor Manor Senior Cottage Homes to a record sale price

49-Unit, $7.2 Million Sale in Turlock, CA

Wednesday, February 3, 2021

Turlock, CA — The Mogharebi Group, (“TMG”) has completed the sale of Arbor Manor Senior Cottage Homes, a 49-unit senior community located at 140 West Minnesota Avenue in Turlock, CA. The property sold with multiple offers for a record-setting sales price of $7.2 million or $147,000 per unit.

“Due to strong in-place cash flow and desirable central location, Arbor Manor provided stable occupancy and collections with proven value-add upside.,” says Bryan LaBar, Vice President of The Mogharebi Group. “As a result, there was a high level of interested buyers for this 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 at a record price for Turlock.”

Bryan LaBar and Otto Ozen of The Mogharebi Group represented the seller, a northern California private investor. The buyer, a private investor based in the Bay Area was represented by Robin Kane, also of The Mogharebi Group. 

Built in 1985, Arbor Manor Senior Cottages is a single-story, 49-unit, 55+ senior apartment community that’s on West Minnesota Road in Turlock, CA. The property comprises nine residential buildings totaling 28,420 rentable square feet. The community is situated on an approximately 2.07-acre site for a comfortable density of 23.7 units per acre. The property features all cottage-style one-bedroom / one-bath floor plans. The property features a clubhouse, controlled access gates, outdoor picnic areas, lush garden walkways, reserved covered parking, is adjacent to numerous other retail stores and restaurants, and is located less than one-mile from the Emanuel Medical and Stanford Health Care Oncology Center.