Property Acquisitions and Dispositions
SAVANNAH, GA (June 21, 2023)— Atlas Real Estate Partners has acquired Latitude at Godley Station Apartments, a 256-unit Class A- multifamily community built in 2015. The property is located in Pooler, a submarket of Savannah, GA experiencing significant job and population growth.
The Mogharebi Group (TMG) has arranged the $25.2 million sale of Trails at 2112 Apartments, a turnkey 97-unit multifamily community in the Central Valley city of Modesto, CA. Executive Vice President Otto Ozen and Senior Vice President Brian Nakamura represented the seller, Berkeley-based Valiance Capital in the transaction.
Located at 2112 Floyd Ave., the property comprises a desirable mix of studio, one-bedroom, and two-bedroom units ranging in size from 550 to 950 square feet. After acquiring the 1985-built property through TMG three years ago, Valiance invested nearly $2.9 million in capital expenditures to transform the property into a market-defining luxury asset. All units were fully renovated with contemporary features such as in-unit washers and dryers, quartz countertops, stainless steel appliances, white cabinetry, and dual-pane windows. Common area improvements included resort-style pool upgrades, fitness center renovations, a new dog park and wash station, HVAC replacements, exterior enhancements, and more.
“Despite rising interest rates, high inflation, and other economic uncertainties, we generated significant interest in the property and procured nine qualified offers,” said Ozen. “We sourced a strong exchange buyer and ultimately closed at just under $260,000 per door, setting a high price for a deal of this size and underscoring our position in the market.” said Ozen.
The Mogharebi Group (TMG) has successfully secured the sale of two Central Valley multifamily communities totaling 102 units in separate transactions valued at $15.6 million combined.