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4/20/20
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A Bay Area private investor spent $39.6 mil for two multifamily properties in Modesto totaling 236 units ($167.8k/unit). The acquisitions consisted of The Commons Apartment Homes (100 units) and Summerview Apartment Homes (136 units).
Built on a 4.33-acre site in 1989, The Commons is located at 1600 Standiford Ave, while Summerview is situated on a 5.03-acre site at 3601 Prescott Rd in Modesto. They both have significant exposure on their fronting roads, with over 35,000 and 20,000 cars per day, respectively.
The properties feature attractive community amenities, including a sparkling swimming pool and hot tub, 24-hour state-of-the-art fitness center, and reserved covered parking. Both complexes are located within two miles from Highway 99, shopping/jobs at Vintage Faire Mall, Kaiser Permanente Medical Center, and Central Valley Plaza.
Alex Mogharebi and Otto Ozen of The Mogharebi Group represented the seller, a SoCal-based investor.
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