SoCal Family Office Snaps Up Apartments in Competitive Modesto Submarket
The Mogharebi Group (TMG) represented Bay Area-based Tesseract Capital Group in the sale of The Marc at 1600, a 100-unit multifamily community located at 1600 Standiford Ave. in Modesto. The buyer was a private family office from Southern California, which paid $26.6 million.
TMG’s team of EVP Otto Ozen, SVP Brian Nakamura and SVP Nazli Santana represented the seller. “This property offered the buyer an exceptional opportunity to establish immediate scale and a meaningful foothold in one of the region’s most competitive submarkets, supported by a loan structure that enhances financial efficiency in today’s high‑rate environment,” said Nakamura. “The buyer intends to maintain seamless operational continuity for residents while optimizing backend systems to drive yield and elevate long‑term asset performance.”
The Marc at 1600 benefits from institutional quality and a supply-constrained market, according to TMG. The property was well capitalized and contained an assumable HUD loan of 3.8% loan.
Other News
JWest Breaks Ground On $400M-Plus Vancouver Mixed-Use Campus
JWest has broken ground on a $400M-plus Vancouver redevelopment that will use income from 630 rental homes to help support a major new non-profit community campus. The 3.3-acre Roadburg Campus, at 950 West 41st Ave., is being developed by JWest Foundation, the non-profit organization created to oversee the project and manage its future revenue. Plans...
Learn more
Globe Capital Buys 185-Unit Montreal Apartment Building For $47M
Globe Capital Management has acquired a 185-unit apartment building in Montreal’s Saint-Laurent borough for $47 million. The seven-storey concrete building at 239 Boulevard Deguire includes 158 two-bedroom apartments, accounting for 85% of its suites. The deal works out to about $254,000 per unit. Avison Young’s Quebec Capital Markets team brokered the transaction. “Well-maintained concrete multi-res...
Learn more
Essex Realty Group Lists Mixed-Use Property in Chicago’s Old Town
Essex Realty Group is marketing 1628-1630 North Wells Street for sale, a mixed-use property ideally situated in Chicago’s Old Town neighborhood. The offering features four residential apartments, ground-floor retail space, a two-unit coach house, and 12 outdoor parking spaces.Essex Realty Group Principal Jim Darrow, Principal Jordan Gottlieb and Director Brian Keegan exclusively represent the seller...
Learn more
Brokers
View All-
Remax Professionals
Re/Max Real Estate Professionals | New York
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout