Source: Graceada Partners / Osso Capital
MODESTO, CA - Graceada Partners and Osso Capital announced the acquisition of The Edge at Lakewood on 1401 Lakewood Ave in Modesto, California. The 196-unit apartment community is located a few miles outside of downtown Modesto and within walking distance of Lakewood Elementary School.
"We continue to see great potential in the Northern California region and a great deal of upside in multi-family assets here. And we're excited to be working alongside a trusted partner like Osso Capital on this deal," said Joe Muratore, CCIM, Principal with Graceada Partners. "As a Modesto-based firm, this property has been on our radar, and we thought this was an ideal acquisition given our knowledge of the market and ability to add value."
Built in 1985, the Edge at Lakewood was partially renovated by the former owner between 2019 and 2020. Graceada and Osso plan to continue the renovation and add amenities, such as a renovated clubhouse and fitness facility, pet park, and various sustainability features.
"We look forward to making The Edge a cutting-edge example of sustainability by adding electric vehicle charging stations, community Wi-Fi, and solar power," said Olivia John, Founder and CEO of Osso Capital. "We have strong conviction in the Modesto multifamily market and the Central Valley region more broadly, and we are excited about expanding our presence in the area."
Located 90 minutes east of the Bay Area, Modesto is a growing city with high demand for quality housing. The Lakewood neighborhood of Modesto boasts one of the highest median household incomes in the region at $83,000.
This acquisition is an investment from Graceada Partners Fund II and Osso Multifamily I.