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  • 3.8% HUD Loan Assumption Attracts 10+ Bidders for $26.6 Million Modesto Apartment Sale

      A Southern California family office made its first Modesto multifamily acquisition by purchasing the 100-unit Marc at 1600 for $26.6 million through a 1031 exchange. The buyer was one of more than 10 bidders for the property, which was marketed by The Mogharebi Group (TMG) of Costa Mesa, CA, on behalf of seller Tesseract Capital Group. “The assumable HUD loan had a 3.8% rate, which was very appealing to buyers in the current interest rate environment,” TMG’s Senior Vice...
3.8% HUD Loan Assumption Attracts 10+ Bidders for $26.6 Million Modesto Apartment Sale

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