A sale of a well-occupied apartment complex in Modesto is the latest vote of confidence for the long-undersupplied area near Silicon Valley's largest city.
Willow Grove sold for $34.6 million in one of the top deals for Modesto, as sophisticated capital is increasingly looking inland as Central Valley markets diversify and mature. Tilden Properties acquired the 158-unit complex from Equity Research Partners following a complex marketing strategy from listing brokerage Mogharebi Group.
The firm focused outreach on 1031 exchange buyers, high‑net‑worth individuals, syndicators and institutional groups, aligning the process with the seller's preferences while still generating competitive interest.
That discreet marketing effort sets the project apart, according to John Hillas, principal at Hillas Appraisal Co. The approach also emphasized Willow Grove's consistent performance, renovation potential and the compelling fundamentals of the Modesto market — an area often overshadowed by larger metropolitan areas despite strong migration trends and limited new supply.
"Modesto's apartment market has been undersupplied for years, struggling to develop enough housing units to meet both internal demand and the needs of people migrating from the Bay Area," according to CoStar research. The area's 5% apartment vacancy rate trends far below the nation's average.
The sale earned a 2026 CoStar Impact Award, as judged by real estate professionals familiar with the market.
About the project: The complex, spread across 18 two‑ and three‑story buildings, drew strong investor interest thanks to its historically high occupancy, well‑maintained condition, and resort‑style amenities —including a pool, fitness center, and landscaped common areas.
What the judges said: "Our area is underserved for residential dwellings of all types. Improving and stabilizing 158 units in Modesto adds to the health and growth of our Central Valley communities," said Mahala Burns, commercial real estate broker at Burns Group.
They made it happen: Mogharebi Group Executive Vice President Otto Ozen, along with Senior Vice Presidents Nazli Santana and Brian Nakamura.