MODESTO, CA — The Mogharebi Group (TMG), a leading multifamily brokerage firm in California, has completed the sale of Chardonnay Ridge Apartments, a 115-unit community, located on Celeste Drive in Modesto, CA. The property sold with multiple offers for an impressive price of $16,500,000 that equates to $143,478 per unit or $193 per square foot. The buyer was a private investment group out of San Francisco, Calif.
“At a price of over $142,000 per unit and $193 per square foot, this transaction represents a record for 1970s vintage apartment communities in the submarket. The strong price is attributable to several factors including the increasing desirability of Bay Area super commuter cities, a lack of available inventory, our proprietary exchange platform, the high quality of the asset, and its solid cash flow” says Otto Ozen, Executive Vice President of TMG. “We aggressively marketed Chardonnay Ridge Apartments in Modesto to our list of high net worth private and exchange buyers which generated great interest in the market and resulted in multiple offers.”
Principals Alex Mogharebi and Otto Ozen of TMG represented the seller, a private investor based in the San Gabriel Valley, and the San Francisco based buyer.
Built in 1979, Chardonnay Ridge is a two story, 115-unit apartment community that is located on Celeste Drive in Modesto, CA. The apartment homes feature spacious one, two, and three-bedroom floor plans with an average size of 741 square feet. The property features a large resort-style outdoor pool, 24-hour fitness center, reserved covered parking, on-site laundry facilities, and is in the highly desirable Sylvan School District.
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, a fully integrated platform, and direct access to capital, The Mogharebi Group is the best choice to meet the needs of major private investors and investment funds.