Modesto Apartment Sale Sets Record Per-Door Pricing

Modesto Apartment Sale Sets Record Per-Door Pricing

The Mogharebi Group arranged the $25.2-million sale of Trails at 2112 Apartments, a turnkey 97-unit multifamily community in Modesto, California. Executive Vice President Otto Ozen and Senior Vice President Brian Nakamura represented the seller, Berkeley-based Valiance Capital.

Located at 2112 Floyd Ave., the circa 1985 property was acquired by TMG three years ago and underwent nearly $2.9 million in capital expenditures to transform it into a luxury asset. Despite rising interest rates, high inflation and other economic uncertainties present during its sale process, nine qualified offers were generated for the property according to Ozen: “We sourced a strong exchange buyer and ultimately closed at just under $260K per door – setting an impressive price for this size deal.”

CoStar data reveals that this transaction set a new high watermark for apartment assets of similar size & vintage in Modesto’s market area

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