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9/12/24
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A SoCal-based private investor has acquired Laurel Glen, a 152-unit multifamily property in Manteca, a Northern California city of 84,000 people situated directly east of San Francisco, roughly midway between Stockton and Modesto. The property sold for $40.75 mil, or about $268k/unit.
Built in 1985, Laurel Glen features a mix of well-maintained one- and two-bedroom floorplans, averaging 759 sf in size. The property offers attractive amenities, including a fitness center, pool, spa, in-unit washers and dryers, large, covered porches, quartz countertops and upgraded fixtures and stainless steel finishes.
Otto Ozen, Brian Nakamura and Nazli Santana with The Mogharebi Group represented the seller, a Northern California based investor. According to Ozen, the continuing rise in Bay Area housing costs has driven many to seek more affordable options further east, with Manteca emerging as a popular choice for commuters.
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