Modesto Apartments is a portfolio of 236-unit garden style apartments located in Modesto, CA. 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.
Acquired in February 2020 and valued at $40M, Modesto Apartments consists of 190,482 SqFt of net rentable area. With easy access to Highway 99, the properties present an affordable alternative to the Bay Area.
Delaware Apartments is a 42-unit garden style apartment community located in Berkeley, CA. Despite a multi-round bidding process, TCG was able to secure the contract to purchase Delaware Apartments with a non-contingent offer to close within 40 days. Upon execution of the PSA, TCG worked with Colliers International to consummate the transaction. Acquired on July 31st for $12.7M, Delaware Apartments consists of 42-units totaling 22,656 SqFt of net rentable area. The property is located just a few blocks west of the North Berkeley BART station—a convenient commute for all SF Bay Area based professionals. Residents also enjoy easy access to the UC Berkeley campus, Downtown Berkeley, and Solano Avenue’s retail corridor.
TCG recently entered its first co-sponsor joint venture with its investment in a 33-unit multifamily property, located in the city of Alameda, CA. Located close to Alameda Landing Shopping Center, Oakland, and San Francisco, Bay View Apartments is TCG’s first oceanfront property featuring gorgeous views of the San Francisco bay. Originally constructed in 1959, the property is a two-story building with 14,400 SF of net rentable area.
Acquired in 2018, Golden Gardens is a 110-unit garden-style apartment community located in Fresno, CA. The property is spread across 5.4 acres of land featuring a generous ratio of open space and a wide array of amenities. The location makes it ideal for those commuting to all major employment centers in the San Joaquin Valley – a six-county region with a population base of over 4 million people.
Currently under project execution, the plan for this property is to renovate the interiors to the standards of TCG properties and improve on-site amenities, including the additions of a fitness center, a turf soccer field and a community BBQ area.
Acquired in November of 2017, Gading Apartments is a 51-unit garden-style apartment community. The project execution includes a full apartment interior renovation, community amenity upgrades, construction of a fitness center, and a solar panel system mounted on new carports – designed to offset 100% of the properties electrical consumption.
Manon Apartments was acquired in April of 2016, and features 36 three-bedroom floor plans. The project is currently under renovation with a scope that includes updated modern interiors, a new roof, upgraded electrical systems, repaved asphalt and fresh landscaping. With sustainability in mind, this project will be retrofitted exclusively with Energy Star products, water efficient plumbing fixtures, and a roof-mounted solar panel system.
Acquired in August 2016, this property is located in Hayward, CA, and features 22 two-bedroom townhouse style apartments. Currently under project execution, the plans for this property include full-scale, property-wide renovations. The interiors of the 2-bedroom apartments have been fully renovated, with high-end finishes and energy efficient appliances. A new roof, upgraded plumbing and electrical systems, fresh asphalt, upgraded security systems have added to the functionality of the property. A new exterior paint job and water-conservation minded landscaping have added to the aesthetics of the property. With sustainability in mind, this project will also incorporate solar panels on the roof, which will generate electricity for use by the residents. Upgrades to the common area amenities are also a focus of this project – with plans for new on-site recreational areas, bbq and picnic areas, and upgraded landscaping.
The 4-story boarding house was acquired in March 2016 and fully stabilized after five months by August 2016. We successfully modernized all 22 units of the property by thoroughly renovating both the interiors and the exteriors, taking existing walls down to the studs. The finished product includes a large common living room, modern kitchen with stainless steel appliances, elegant bathrooms with marble finishes, and fully furnished, spacious bedrooms.