Tesseract Capital Group acquires 236-unit portfolio in Modesto

Tesseract Capital Group (TCG) is pleased to announce its most recent acquisitions of Summerview and The Marc At 1600. The 236-unit portfolio is located in Modesto, CA—a rapidly growing metropolitan area within the Central Valley. TCG went into contract on these assets in December 2019 and despite unprecedented economic conditions, TCG successfully closed both properties on-time in accordance with originally contracted COE dates. TCG worked with The Mogharebi Group (TMG) to complete the transaction.

“TCG closed promptly as scheduled despite the uncertainty in the current market and lending environment. It was a pleasure working with the team and everyone else on this transaction!”
Otto Ozen, Executive Vice President, The Mogharebi Group

Summerview Apartments and The Marc At 1600 were constructed in 1988, and combine for 190,482 sqft of net rentable area. With easy access to Highway 99, the properties present an affordable alternative to the Bay Area. Additionally, it is only one hour from Livermore and one and a half hours from San Jose and Oakland—both of which are centers for high income jobs. TCG is excited about expanding its portfolio and is prepared to execute its value-add strategies in Modesto.