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More apartments proposed for North Olive Avenue

in News

As the rental market both locally and nationally continues to rebound from the coronavirus pandemic, yet another application to build apartments in town has been submitted to the City of Turlock.

Gilbert George of RBG Construction, a Modesto-based company, is hoping to build apartments on the bare plot of land located at 906, 908 and 930 N. Olive Ave., which he owns. According to documents posted online by the City, the apartments will consist of four two-story townhouse apartment buildings for a total of 20 units complete with garages, parking, fencing and landscaping. The units will be approximately 1,494 to 1,565 square feet in size,

The land had previously housed two homes and poultry structures, which have since been demolished, and construction on the rentals is set to begin in August, should the project be approved. The estimated completion date for the project is October 2022. 

Continue Reading on Turlock Journal

Record Breaking Apartment Sale in Turlock by The Mogharebi Group

in People

TURLOCK, Calif.--(BUSINESS WIRE)--The Mogharebi Group, (“TMG”) has completed the sale of Arbor Manor Senior Cottage Homes, a 49-unit senior community located at 140 West Minnesota Avenue in Turlock, California. The property sold with multiple offers for a record-setting sales price of $7.2 million or $147,000 per unit.

“Due to strong in-place cash flow and desirable central location, Arbor Manor provided stable occupancy and collections with proven value-add upside,” says Bryan LaBar, Vice President of The Mogharebi Group. “As a result, there was a high level of interested buyers for this asset. Through our proprietary 1031 exchange platform that includes a robust network of private, high-net-worth and exchange buyers, we were able to drive the value and successfully close at a record price for Turlock.”

Bryan LaBar and Otto Ozen of The Mogharebi Group represented the seller, a northern California private investor. The buyer, a private investor based in the bay area was represented by Robin Kane, also of The Mogharebi Group.

Continue Reading on Businesswire

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