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6/15/23
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Trails at 2112 Apartments, a turnkey 97-unit multifamily community in the CA Central Valley city of Modesto, was purchased by a west coast-based private investment entity in a recent $25.2 mil ($260k/unit) transaction. The property was sold by Valiance Capital. The buyer was able to assume an attractive fixed-rate agency loan with five years of interest-only and a 10-year term.
Located at 2112 Floyd Ave., the property comprises a desirable mix of studio, one-bedroom, and two-bedroom units ranging in size from 550 sf to 950 sf. After acquiring the 1985-built property three years ago, Valiance invested nearly $2.9 mil in capital expenditures to transform the property into a market-defining luxury asset.
All units were fully renovated with contemporary features such as in-unit washers and dryers, quartz countertops, stainless steel appliances, white cabinetry, and dual-pane windows. Common area improvements included resort-style pool upgrades, fitness center renovations, a new dog park and wash station, HVAC replacements, exterior enhancements, and more.
Otto Ozen and Brian Nakamura with The Mogharebi Group represented the seller in the deal. According to Ozen, they generated nine qualified offers. The transaction set a new high watermark for apartment assets of this size and vintage in Modesto, according to CoStar data.
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