Tesseract Capital Group (TCG) is pleased to announce its recent acquisition of Golden Gardens Apartments, a 110-unit, mixed-income apartment community located in the city of Fresno, CA. Golden Gardens was originally marketed with a CMBS loan assumption but subsequently closed via defeasance of its existing debt. Close of escrow occurred on April 13, 2018 at its originally contracted price of $9.5M. TCG was able to execute its full suite of due diligence within a 21-day inspection period and closed 17 days ahead of schedule.
Golden Gardens is TCG’s first acquisition in Fresno, a market at the forefront of the firm’s expansion. TCG plans to increase its portfolio to 500+ units in Fresno by the end of 2019.
Built in 1986, the property consists of 11 buildings totaling 102,850 SF of net rentable area. The property is spread across 5.4 acres of land featuring a generous ratio of open space and a wide array of amenities. The Property offers convenient access to the I-99 highway, the major artery of the Central Valley connecting the San Francisco Bay Area to Southern California. On-site amenities include: gated entry, HD security camera system, swimming pool, laundry facility, basketball court, children’s playground, covered parking, and mature landscaping.