Tesseract Capital Group (TCG) is pleased to announce its recent acquisition of Vivante Apartments, a 51-unit, garden-style apartment community located in the city of Hayward, California. Close of escrow occurred on November 17, 2017 (18 days ahead of scheduled COE) at its originally contracted price of $15.7M. TCG was able to execute its full suite of due diligence within a 21-day inspection period, going non-refundable and waiving all transaction contingencies thereafter. Vivante Apartments is TCG’s fifth acquisition in the submarket, bringing its total market share in the area to $75M AUM.
Built in 1965, the property encompasses a net rentable area of 52,945 square feet and is situated close to all major highway arteries of the San Francisco Bay Area. The property features spacious two and three-bedroom units ranging from 800-1,000 square feet. Community amenities include: a swimming pool, outdoor community area with a pergola and BBQ, multiple laundry facilities and controlled access.