The recent sale of the Edge at Lakewood Apartments in Modesto, California marks a significant transaction for the Central Valley region. The 196-unit community was sold for $42.7 million by Osso Capital and Graceada Partners with representation from The Mogharebi Group (TMG). This deal, which closed in December, is the largest multifamily sale in the area for 2023.
According to TMG Executive Vice President Otto Ozen, cities like Modesto are becoming increasingly attractive to investors due to their affordability compared to major metropolitan areas like San Francisco and Los Angeles. In fact, TMG has successfully completed over 2,600 apartment unit sales specifically in Modesto and more than 10,000 units throughout the Central Valley region.
Situated on a spacious 7.63-acre lot at 1401 Lakewood Ave., The Edge at Lakewood offers one- and two-bedroom units ranging from approximately598 to880 square feet each. Built in1985,the property boasts desirable amenities including a fitness center,pool,and clubhouse as well as covered parking options.
This recent transaction serves as further evidence of growing interest and investment opportunities within California’s Central Valley market.
