MODESTO, CA – Graceada Partners and Osso Capital announced the acquisition of The Edge at Lakewood located at 1401 Lakewood Ave in Modesto, California. The shared flat with 196 residential units is located a few kilometers outside of downtown Modesto and just a few minutes' walk from the Lakewood Elementary School.
"We continue to see great potential in the Northern California area and a lot of upside in multi-family wealth. We are excited to be partnering with a trusted partner like Osso Capital on this deal," said Joe Muratore, CCIM, Principal at Graceada Partners. "As a Modesto-based company, this property was on our radar and we thought this would be an ideal acquisition as we know the market and are able to add value."
The Edge at Lakewood, built in 1985, was partially renovated by the former owner between 2019 and 2020. Graceada and Osso plan to continue the renovation, adding amenities such as a renovated clubhouse and fitness center, animal park, and various sustainability features.
"We look forward to making The Edge an innovative example of sustainability by adding EV charging points, community WiFi and solar energy," said Olivia John, Founder and CEO of Osso Capital. "We are convinced of the Modesto multi-family market and the Central Valley region in the broader sense and look forward to expanding our presence in the region."
Modesto is 90 minutes east of the Bay Area and is a growing city with a high demand for quality housing. Modesto's Lakewood neighborhood has one of the highest median household incomes in the region at $ 83,000.
This acquisition is an investment by Graceada Partners Fund II and Osso Multifamily I.
Source: Graceada Partners / Osso Capital