1401 Lakewood Avenue Modesto, CA 95355 196 Units
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- Proven Value-Add with Rental Upside
- Modernized Community with Capital Improvements
- Attractive 5.07% Assumable Loan
- Commutable to over 1.4 Million Jobs
- Relative Affordability
- ACE Expansion Provides Access to High-Income Jobs
The Mogharebi Group is pleased to present the opportunity to acquire The Edge at Lakewood Apartments, a 196-unit multifamily community located in Modesto, California. The offering includes attractive assumable financing with an interest-only blended rate of 5.07% until August 2025 and maturity in 2030. Totaling 151,696 rentable square feet, the property comprises a mix of one- and two-bedroom units. Full interior upgrades have been made to 84 (43%) units—commanding a premium of $150 per month over the non-renovated units—while the exteriors and common areas have also received major capital improvements. The Edge represents an excellent value-add opportunity for a new investor to complete renovations on the remaining 112 units to realize further gains.
1401 Lakewood Avenue
Modesto, CA 95355
Modesto, CA 95355
Modesto is well positioned in the northern San Joaquin Valley region, an area known as a land of opportunity within the greater California economy due to its high quality of life, excellent affordability, and connectivity to Central and Northern California markets via Highways 99 and 132. The city is 60 minutes from high-income jobs in the East Bay and just under 90 minutes from San Jose and San Francisco, all of which are commutable via car or the expanded ACE regional transportation system. Recognized as a major economic hub for the region, the city’s primary economic drivers are the retail, manufacturing, health care, education, and agriculture sectors. With the ever-rising cost of living in California and the greater Bay Area in particular, Modesto and the surrounding area offer an attractive alternative amidst an increasing demand for quality multifamily housing.
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