TMG Facilitates $42.7M Sale Of Modesto's Edge At Lakewood Apartments

The Mogharebi Group (TMG) orchestrated the $42.7 million sale of Edge at Lakewood Apartments, a 196-unit community in Modesto, CA. This transaction marks the largest multifamily sale in California's Central Valley in 2023. The property, located at 1401 Lakewood Avenue, spans across 7.63 acres and offers affordable housing options in a desirable location.

Summary of Transaction Details

• Property Type: Multifamily
• Sale Price: $42,700,000
• Number of Units: 196
• Price per Unit: $217,857
• Address: 1401 Lakewood Avenue
• Market: Modesto

The sellers of Edge at Lakewood Apartments were Olivia John from Osso Capital and Joe Muratore from Graceada Partners. The buyer was not disclosed in the provided information. Otto Ozen from The Mogharebi Group represented the sellers as the broker in this transaction. The sale of this multifamily property highlights the region's investor appeal, driven by factors such as affordability, proximity to the Bay Area, and the demand for housing in the hybrid work environment.