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California  + Apartments  | 

Mogharebi Group Closes Sale of Modesto Apartments

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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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).

  • ◦Sale/Acquisition
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