The Mogharebi Group (TMG) arranged the $37,600,000 sale of Summerview Apartments, a 136-unit multifamily community at 3601 Prescott Rd. in Modesto, on behalf of San Francisco-based Tesseract Capital Group, based out of San Francisco. The buyer was Summerview Apartments ABC LP.
TMG EVP Otto Ozen, SVP Brian Nakamura and VP Nazli Santana represented Tesseract Capital. “We are attracting out-of-area buyers to the Central Valley by educating them on the region’s strong market fundamentals and the higher yield opportunities that are often unavailable in more competitive core markets,” said Ozen. “The buyer, a private investment group based in Sacramento, was particularly drawn to the highly renovated, stable property, which also offered an attractive assumable loan, making the overall return more attractive.”
Built in 1988, Summerview Apartments features 20 one- and two-story buildings with one- and two-bedroom floorplans. Previous ownership completed full or partial renovations on 120 of the 136 units.
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