The Mogharebi Group (TMG), a leading real estate investment and advisory, arranged the $37,600,000 sale of Summerview Apartments, a 136-unit multifamily community in Modesto, California, on behalf of Tesseract Capital Group, based out of San Francisco.
TMG’s Otto Ozen, Executive Vice President, Brian Nakamura, Senior Vice President, and Nazli Santana, Vice President, represented the seller.
Ozen said, “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. 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.”
Summerview Apartments, built in 1988, features 20 one- and two-story buildings offering spacious one- and two-bedroom floorplans, each equipped with full-sized side-by-side washers and dryers. Previous ownership completed full or partial renovations on 120 of the 136 units. The fully renovated units include modern upgrades such as stainless steel appliances, shaker cabinets, stone countertops, modern water fixtures, vinyl plank flooring, new baseboards, two-toned paint, LED recessed lighting, and modern ceiling fans. The community also offers a variety of amenities, including a resort-style pool and spa, fitness center, secure parcel lockers, and a leasing office.
The property is situated with high visibility frontage along Prescott Road, a key transportation route in the market, and is surrounded by an array of restaurants and retail centers. The site is located near Highway 99, providing easy access to the San Francisco Bay and Sacramento areas.
Nakamura stated, “To date, TMG has closed more than 10,000 units across the Central Valley, with a total value exceeding $1 billion. This accomplishment further solidifies our dominant position in the Central Valley market.”
Positioned along the Tuolumne River in Central California’s northern San Joaquin Valley, Santana noted, “The Modesto-Manteca Submarket, located just 1.5 hours from major employment centers in San Francisco and Sacramento, has gained recognition for its exceptional affordability—especially in today’s hybrid work environment—making it an attractive alternative to these major metropolitan areas.”
The Mogharebi Group is a leader in real estate investment and advisory, specializing in the multifamily property sector throughout the Western U.S. with nationwide reach. Backed by unparalleled local market knowledge, an extensive global network of top real estate investors, state-of-the-art technology, and direct access to capital with over $850 million in revolving inventory, The Mogharebi Group is the best choice to meet the needs of major private investors and investment funds.
