MODESTO, CA – The Mogharebi Group ("TMG") has completed the sale of Park Lakewood Apartment Homes, a 116-unit community in Modesto. The property sold for $20,400,000 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 asset that’s located in a desirable central valley market. It also has a solid unit mix and strong upside value,” said Otto Ozen, Executive Vice President of The Mogharebi Group. “ As a result, the property garnered 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 in 75-days.”
Built on a 6.04-acre site in 1985, Park Lakewood is located at 1500 Lakewood Avenue in Modesto. It has significant exposure on fronting roads, with over 13,000 cars per day. The property comprises ten residential buildings totaling 94,696 rentable square feet and one common area building. The apartment homes feature spacious one and two-bedroom floor plans with an average size of 816 square feet. The units feature gourmet kitchens patio / balcony with private entrances, ceiling fans, vaulted ceilings (upstairs units), dual pane windows, wood burning fireplaces, and outdoor storage closets. 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 to Lakewood Elementary School, Lakewood Park, and Christine Sipherd Elementary School.