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Mogharebi Group Arranges $16.5M Sale of Chardonnay Ridge Apartments in Modesto, California

MODESTO, CALIF. — The Mogharebi Group (TMG) has arranged the sale of Chardonnay Ridge Apartments, a multifamily asset located on Celeste Drive in Modesto. A San Francisco-based private investment group acquired the property from a San Gabriel Valley-based private investor for $16.5 million, or $143,478 per unit.

Built in 1979, Chardonnay Ridge features 115 units in a mix of one-, two- and three-bedroom layouts, with an average size of 741 square feet. Additionally, the community features a resort-style outdoor pool, 24-hour fitness center, reserved covered parking and on-site laundry facilities.

Alex Mogharebi and Otto Ozen of TMG represented the seller and buyer in the transaction.

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