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

Property Image
SOLD
$42,700,000

California

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MultiFamily
Sold 01/04/2024
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Property Image
SOLD

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

1401 Lakewood Avenue

See Similar Deals
MultiFamily
Sold 01/04/2024
the dealplayerscompscontact
Contact now

Summary

CALIFORNIA
Asset Type:MultiFamily
Transaction Type:Sale

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.

Players

Otto Ozen
The Mogharebi Group
Otto Ozen
24 deals$670.7M volume
BROKER

Details

SOLD
IMAGE: Joe Muratore, Olivia John & Otto Ozen DATE: 01/04/2024 ADDRESS: 1401 Lakewood Avenue MARKET: Modesto ASSET TYPE: Multifamily ~ ACRES: 7.63 SELLER: Olivia John - Osso Capital; Joe Muratore - Graceada Partners BROKER: Otto Ozen - The Mogharebi Group SALE PRICE: $42,700,000 UNITS: 196 ~ PPU: $217,857 NOTE: The Mogharebi Group (TMG) orchestrated the $42.7 million sale of Edge at Lakewood Apartments, a 196-unit community in Modesto, CA, the largest multifamily transaction in California’s Central Valley in 2023. TMG highlights the region's investor appeal due to affordability, proximity to the Bay Area, and its relevance in the hybrid work environment.

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Deal Type
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Operating Expenses (Annual)
Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$151,704.09
Cash-on-Cash Return-1.27%
Monthly Debt Service$202,419.78
Annual Debt Service$2,429,037.41