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2/25/25
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Summerview Apartments, a 136-unit multifamily property in California’s Central Valley, traded hands in a $37.6 mil ($276.5k/unit) transaction. The gated community is located at 3601 Prescott Rd, east of Hwy 99 and north of Hwy 132 in Modesto.
Built in 1988, Summerview Apartments features 20 one- and two-story buildings offering spacious one- and two-bedroom floorplans, each equipped with full-sized side-by-side washers and dryers. Previous ownership completed full or partial renovations on 120 of the 136 units.
The fully renovated units include modern upgrades such as stainless steel appliances, shaker cabinets, stone countertops, modern water fixtures, vinyl plank flooring, new baseboards, two-toned paint, LED recessed lighting, and modern ceiling fans. The community also offers a variety of amenities, including a resort-style pool and spa, fitness center, secure parcel lockers, and a leasing office.
The property is situated with high visibility frontage along Prescott Rd, a key transportation route in the market, and is surrounded by an array of restaurants and retail centers. The site is located near Highway 99, providing easy access to the San Francisco Bay and Sacramento areas.
Otto Ozen, Brian Nakamura and Nazli Santana with The Mogharebi Group represented the seller, San Francisco-based Tesseract Capital Group. The buyer was Summerview Apartments ABC LP.
Ozen said, “We are attracting out-of-area buyers to the Central Valley by educating them on the region's strong market fundamentals and the higher yield opportunities that are often unavailable in more competitive core markets. The buyer, a private investment group based in Sacramento, was particularly drawn to the highly renovated, stable property, which also offered an attractive assumable loan, making the overall return more attractive."
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