Updated Feb 26, 2025
Summerview Apartments ABC LP Purchases 136-Unit Multifamily Property From Tesseract Capital Group For $37.6M
3601 Prescott Road
$37,600,000
Units
136
Asset Type
MultiFamily
Closing
Feb 24, 2025
About this deal
AI
The transaction involved the sale of a multifamily property located at 3601 Prescott Road in Modesto. The asset comprises 136 units and was sold for a total price of $37,600,000, resulting in a price per unit of $276,471.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $37,600,000
- Units: 136
- Price Per Unit: $276,471
- Buyer: Summerview Apartments ABC LP
- Seller: Benjamin Jiang - Tesseract Capital Group
- Brokers: Brian Nakamura, Nazli Santana & Otto Ozen - The Mogharebi Group
The Mogharebi Group facilitated the transaction, representing the seller Tesseract Capital Group. The buyer, Summerview Apartments ABC LP, was attracted to the property due to its renovations and the availability of an assumable loan.
On the Map
$37,600,000
MultiFamily
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Players
Modesto MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.42%
Cash-on-Cash
-0.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93