Summerview Apartments ABC LP Purchases 136-Unit Multifamily Property From Tesseract Capital Group For $37.6M

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.