The Mogharebi Group brokered the $34.6-million sale of Willow Grove Apartments, a 158-unit multifamily community located at 3400 Coffee Rd. in Modesto. 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.
“High costs in coastal California cities have resulted in a regional migration to more affordable inland locations like Modesto, especially with the hybrid-work environment, which has contributed to increased demand in what is a supply-constrained market,” said Mogharebi EVP Otto Ozen. “This imbalance makes the Modesto, Manteca, Ripon and Turlock area an attractive market for multifamily investors. Plus, the opportunity to improve the common areas and renovate the units added further appeal.”
Ozen, along with Nazli Santana and Brian Nakamura, collectively represented the seller. Built in 1990, Willow Grove Apartments comprises 18 two- and three-story buildings offering one- and two-bedroom floor plans ranging from 700 to 900 square feet.
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