Northeast Modesto apartment complex near Village I gets new owner, national investor
Graceada Partners, a Modesto-based real estate management firm, recently purchased The Edge at Lakewood, a 196-unit apartment complex located in northeast Modesto.
The acquisition was made in partnership with Osso Capital, a New York-based investment firm. The Lakewood neighborhood of Modesto has one of the highest median household incomes in the region at $83,000, and the property is located within walking distance of Lakewood Elementary School, which consistently ranks highly on statewide standardized assessments.
Joe Muratore, a principal with Graceada Partners, told the Bee that Osso Capital approached Graceada about the deal. He added that the purchase was made off-market, meaning that the previous owner had not publicly listed the complex as for sale.
“Osso Capital had a fundamental conviction about the Central Valley and about the growth of the Central Valley,” Muratore said. “They researched investment managers in the Valley and reached out to us.”
The previous owners of the complex on Lakewood Avenue just north of Orangeburg Avenue began renovations on the property, which was built in 1985, between 2019 and 2020. Muratore said his firm will continue renovating the property, and plan to add new amenities. These will include a fitness facility, pet park, solar panels and charging stations for electric vehicles.
Apartments in the complex range from 598 to 880 square feet, and rents are between $1,300 and $1,600 per month, according to data from Apartments.com.
“We have strong conviction in the Modesto multifamily market and the Central Valley region more broadly, and we are excited about expanding our presence in the area,” Olivia John, the founder and CEO of Osso Capital, said in a news release.
He said he sees the national firm’s interest in the region as “a big honor” and a sign that the Central Valley is poised to become a place for future investment. Graceada partners was founded in Modesto and now manages properties across the state, and Muratore said he and his firm were excited to acquire a new property in the city.
“It’s been a great joy to build a company in our town that also serves the town,” he said.
This story was produced with financial support from the Stanislaus Community Foundation, along with the GroundTruth Project’s Report for America initiative. The Modesto Bee maintains full editorial control of this work.
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This story was originally published April 11, 2021 at 5:02 AM.
