A SoCal-based private investor has acquired Laurel Glen, a 152-unit multifamily property in Manteca, a Northern California city of 84,000 people situated directly east of San Francisco, roughly midway between Stockton and Modesto. The property sold for $40.75 million, or about $268k/unit.
Built in 1985, Laurel Glen features a mix of well-maintained one- and two-bedroom floorplans, averaging 759 sf in size. The property offers attractive amenities, including a fitness center, pool, spa, in-unit washers and dryers, large, covered porches, quartz countertops and upgraded fixtures and stainless steel finishes.
Otto Ozen, Brian Nakamura and Nazli Santana with The Mogharebi Group represented the seller, a Northern California based investor. According to Ozen, the continuing rise in Bay Area housing costs has driven many to seek more affordable options further east, with Manteca emerging as a popular choice for commuters.
Manteca is a city in the Central Valley of California, located 76 miles (122 kilometers) east of San Francisco and 18 miles (29 kilometers) northwest of Modesto. Manteca fashions itself the “Family City”, and it lies at a crossroads of major highways and railroads. As recently as the 1970s, Manteca existed primarily on agriculture and was still barely a stop between two freeways, Interstate 5 and State Route 99. The continuing rise in Bay Area housing prices caused Bay Area families to look further eastward for more affordable places to live. Since the construction of the 120 bypass portion of State Route 120, Manteca has become a popular choice for these commuters. The 1990s saw an increase in the city’s population and the construction of its third high school (Sierra High School), joining Manteca High School and East Union High School. The population of Manteca continues to increase, with some housing being constructed on what was once farmland to the north and southeast.
