WESTLAKE VILLAGE, CA - The Mogharebi Group (TMG) has arranged the $42.7 million sale of the Edge at Lakewood Apartments, a 196-unit apartment community in Modesto, CA, on behalf of Osso Capital and Graceada Partners. The sale, which closed at the end of December, marks the largest multifamily transaction in California’s Central Valley in 2023.
With a population of 6.5 million people, California’s Central Valley stretches 20,000 square miles from Sacramento to Bakersfield. Cities nestled within the Valley, such as Modesto, Fresno, and Visalia present an affordable alternative with rental rates significantly lower than those in San Francisco and the Greater Los Angeles area. These demand drivers are attracting investors, particularly private capital and exchange buyers to the region, according to Executive Vice President Otto Ozen. Moreover, Modesto’s proximity to the Bay Area and Sacramento makes it increasingly appealing, particularly within the context of rising affordability compared to core metropolitan areas, especially in the hybrid work environment. Essentially, many tenants benefit from reduced rental costs and larger living spaces while commuting to the office a couple of days per week.
As a leader in multifamily investment advisory since its founding in 2015, TMG has closed on more than 2,600 apartment units in Modesto specifically and more than 10,000 units in the Central Valley region, with a total value exceeding $1 billion. TMG commands a majority market share in the Central Valley region and has arranged for the two largest deals to close in the Modesto submarket this year.
The Edge at Lakewood sits on 7.63 acres of land at 1401 Lakewood Ave. Built in 1985, the property is comprised of one- and two-bedroom units ranging from 598 to 880 square feet. Community amenities include a fitness center, clubhouse, pool, and covered parking.
About The Mogharebi Group: The Mogharebi Group is a real estate investment and advisory firm specializing in the multifamily property sector throughout the Western United States. Backed by unparalleled local market knowledge, an extensive global network of top real estate investors, state-of-the-art technology, and direct access to capital with more than $850 million in revolving inventory, The Mogharebi Group is the best choice to meet the needs of major private investors and investment funds.
About Graceada Partners: Graceada Partners is a vertically integrated real estate private equity firm focused on institutionalizing secondary & tertiary markets of the Western United States. With $1.6 trillion of industrial and multifamily real estate, secondary & tertiary markets in the Western US represent the last large inefficient sector of real estate. The firm employs a team of 60+ professionals to source, capitalize, manage, renovate, lease and sell properties. The firm's leadership team averages over 18 years of experience adding value to over $10 billion in assets. Founded in 2008 in the heart of the Global Financial Crisis, Graceada Partners is a seasoned expert with looming economic uncertainties, which has allowed the firm to turn market dislocation into successful investments.