|
|
10/22/25
|
In a central California multifamily buy, Willow Grove Apartments, a 158-unit community located at 3400 Coffee Rd in Modesto, traded hands in a $34.6 mil ($219k/unit) transaction. The seller, a privately held real estate investment firm based in Northern California, had owned the property since 2017, and chose to divest the asset as part of its strategy to diversify holdings outside of California.
Built in 1990, Willow Grove Apartments comprises 18 two- and three-story buildings offering spacious one- and two-bedroom floor plans ranging from 700 sf to 900 sf. The property has maintained consistently high occupancy rates, due to its highly desirable unit mix with in-unit washer and dryers, large floor plans and amenities that include a resort style pool, and fitness center.
Otto Ozen, Nazli Santana and Brian Nakamura with The Mogharebi Group represented the seller in the transaction. The winning bidder was a high-net-worth private family based out of Northern California.
Modesto’s multifamily market continues to show strength, with an average vacancy rate of just 3.6%—well below the national average of 4.9% projected for year-end 2025. This tight vacancy environment is driven by consistent population growth over the past 10 years, combined with a dearth of new construction resulting from high barriers to entry. As of 2024, Stanislaus County, which includes Modesto, needs approximately 20,000 new affordable rental homes to keep up with the demand, according to the County.
The seller did not want to broadly market the property, so The Mogharebi Group was able to custom-tailor its marketing approach to fit the client’s needs by making discrete, but targeted calls to 1031 exchange buyers, high-net-worth private individuals, syndicators, and institutional buyers. The winning bidder was a high-net-worth private family based out of Northern California.
|
|
 Return to the previous page
|
|
|
|
|
Printer-friendly Version
Email an Associate
