2 CA Communities Trade for $33M

The Commons Apartment Homes, a 100-unit community on Standiford Ave., and Summerview Apartment Homes, a 136-unit community on Prescott Road, both in Modesto, Calif., have traded for a total of $32.56 million.
Summerview

Summerview

The Commons Apartment Homes, a 100-unit community on Standiford Ave., and Summerview Apartment Homes, a 136-unit community on Prescott Road, both in Modesto, Calif., have traded for a total of $32.56 million. The Commons was built on a 4.3-acre site in 1989, while Summerview is on a 5-acre site.

Both feature such common amenities as a swimming pool and hot tub, 24-hour fitness center, and reserved covered parking. Both are located within two miles of Vintage Faire Mall, Kaiser Permanente Medical Center and Central Valley Plaza.

Record price

Alex Mogharebi and Otto Ozen of the Mogharebi Group represented the seller, a Massachusetts based investor. The buyer was a private investor based in southern California. The two properties sold together with multiple offers, according to Alex Mogharebi.

“This sale represents a near-record price for this cycle in Modesto,” says Mogharebi, president of the Mogharebi Group. “Strong rental growth and relative value attracted significant investor interest in these two assets.

“I anticipate continued growth in this submarket as price and yield play catch up with the Bay Area, which is priced well above its pre-recession level. The buyer did very well to acquire the high-quality foothold that these properties represent in the market.”