The Mogharebi Group Arranges $30M Sale of California Community

The property is located near California State University, Fresno. Image courtesy of The Mogharebi Group

The Mogharebi Group has arranged the sale of The Victor, a 232-unit community in Modesto, Calif., to a California-based private investment group for $30 million. Further information about the buyer could not immediately be learned. According to Yardi Matrix data, Graceada Partners acquired the community from 11 Capital.

The Victor previously changed hands when 11 Capital acquired it from Chartwell Capital Partners for $22.1 million in April 2019, according to Yardi Matrix data. With the latest sale, the new ownership assumed the current loan on the property, which still has eight years at 3.94 percent with three years of interest-only payments remaining. According to Mogharebi, the new ownership plans to renovate units that had not been improved on by the previous seller. The community will be renamed The Lofts at Stadium Square.

Built in 1974, The Lofts at Stadium Square offers one- and two-bedroom units ranging from nearly 800 to 1,000 square feet. The units were built with balconies, fireplaces, ceiling fans and in-unit washers and dryers. The community’s amenities include a pool, fitness center, business center and outdoor picnic area. The property was 89 percent occupied as of late February, according to Mogharebi.

Located on a more than 8.7-acre site at 1577 E. Bulldog Lane, The Lofts at Stadium Square is within a five-minute walk of California State University, Fresno’s campus and the Valley Children’s Stadium. Downtown Fresno, including the Selland Arena, Chukchansi Park and the Fresno Convention & Entertainment Center, is less than 10 minutes away.

Investing in Modesto

Prior to its acquisition of The Lofts at Stadium Square, Graceada Partners worked with The Mogharebi Group on another California community. The firm arranged a transaction where Graceada Partners acquired the 168-unit Tyner Ranch Apartments in Modesto, Calif., for $30.9 million.

Graceada Partners focuses on value-add investments in growing secondary and tertiary markets across the U.S. The company has assets in eight markets. Elsewhere in Modesto, the company acquired The Edge at Lakewood, a 196-unit market-rate community, for $33.3 million with plans to hold it for six years.