Graceada Partners, in partnership with Osso Capital, has acquired The Edge at Lakewood, a 196-unit apartment community in Modesto, California. Located at 1401 Lakewood Ave, the property is situated near downtown Modesto and Lakewood Elementary School. This acquisition reflects Graceada Partners’ continued investment in the Northern California multi-family market.
“We continue to see significant potential in Northern California’s multi-family sector,” said Joe Muratore, CCIM, Principal with Graceada Partners. “Being a Modesto-based firm, we’ve had our eye on this property. Our market knowledge and ability to enhance value made this an ideal acquisition.” The partnership with Osso Capital further strengthens the investment strategy.
Built in 1985, The Edge at Lakewood underwent partial renovations between 2019 and 2020. Graceada Partners and Osso Capital plan to further enhance the property with comprehensive renovations and new amenities. Planned upgrades include a renovated clubhouse and fitness center, a pet park, and various sustainable features.
“Our vision is to transform The Edge into a leading example of sustainability,” explained Olivia John, Founder and CEO of Osso Capital. “We’ll be implementing electric vehicle charging stations, community Wi-Fi, and solar power.” This commitment to sustainability underscores Osso Capital’s confidence in the Modesto multifamily market and the broader Central Valley region.
Modesto, located approximately 90 minutes east of the Bay Area, is experiencing growth and increased demand for quality housing. The Lakewood neighborhood, where the property is situated, boasts a median household income of $83,000, one of the highest in the region. This strong economic foundation contributes to the attractiveness of the investment.
The acquisition of The Edge at Lakewood is an investment from Graceada Partners Fund II and Osso Multifamily I, demonstrating the commitment of both firms to the long-term growth potential of the Modesto multifamily market. The strategic partnership and planned improvements position The Edge at Lakewood for continued success.
