Park West Apartment Homes near Shaw and Marks avenues in Fresno has sold for nearly $30 million. Photo via apartments.com.
Written by Breanna Hardy
After Park West Apartment Homes generated multiple offers, the Mogharebi Group has sold the Fresno complex for $29.25 million.
The Mogharebi Group — Alex Mogharebi, Otto Ozen, Robin Kane and Brenden Kane — represented the seller, who was a longtime owner based in Southern California. The new owner is a capital investor also based in Southern California. The Costa Mesa-based brokerage firm specializes in multifamily property throughout California.
The 256-unit apartment complex is located at 2407 West Alamos Avenue, off of Shaw and Marks avenues in Fresno. It is situated on a 23-acre site and was built in 1973.
“Due to the size of the property, attractive unit mix and long term ownership, Park West Apartment Homes presented a true, value-add opportunity that garnered a great deal of interest,” said Ozen, executive vice president of The Mogharebi Group. “Through our proprietary 1031 exchange platform, which includes a robust network of private, high net-worth and exchange buyers, we were able to drive the value and successfully close.”
Park West community amenities include two swimming pools and spas, tennis and basketball courts, garages and covered parking, and a clubhouse with kitchen facilities. Laundry facilities are available, along with a commercial building that is leased to a daycare center .
The community has high visibility on its frontage roads, and is within a 3- to 60-minute commute to more than 800,000 jobs. Park West is a mile from major retailers Costco, Target, Food Maxx and Walmart Supercenter.