SoCal Family Office Snaps Up Apartments in Competitive Modesto Submarket

The Mogharebi Group (TMG) represented Bay Area-based Tesseract Capital Group in the sale of The Marc at 1600, a 100-unit multifamily community located at 1600 Standiford Ave. in Modesto. The buyer was a private family office from Southern California, which paid $26.6 million.

TMG’s team of EVP Otto Ozen, SVP Brian Nakamura and SVP Nazli Santana represented the seller. “This property offered the buyer an exceptional opportunity to establish immediate scale and a meaningful foothold in one of the region’s most competitive submarkets, supported by a loan structure that enhances financial efficiency in today’s high‑rate environment,” said Nakamura. “The buyer intends to maintain seamless operational continuity for residents while optimizing backend systems to drive yield and elevate long‑term asset performance.”

The Marc at 1600 benefits from institutional quality and a supply-constrained market, according to TMG. The property was well capitalized and contained an assumable HUD loan of 3.8% loan.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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