The 197-unit Arbor Place Apartments near Fresno State have been sold. Photo via Apartments.com
Written by David Castellon
An apartment complex across Barstow Street from Bulldog Stadium is under new ownership.
Escrow on the 197-unit Arbor Place Apartments closed at the end of January.
Robin Kane, senior vice president for the Fresno office of the The Mogharebi Group, said this was an off-market sale, as the nearly 10-acre property never was formally put on the market.
Instead, Kane said he suggested the purchase to the buyers, whom he knew would be interested in owning the apartment complex, and got them together with Arbor Place’s owners, whom he also knows, and brokered the deal.
He declined to disclose the price paid and the names of the parties involved.
Arbor Place was built in the early 1980s in the 5400 block of North 10th Street, just north of the football stadium.
Despite its proximity to the university, Kane estimated that most of the one-story units are occupied by families, with only about 20 percent occupied by students.
Probably starting in the summer, the new owners will begin major renovations to the complex that could take a year, he said.