Photo of ReNew apartment complex via Mogharebi Group.

An apartment sale in Visalia depicts the interest outside investors have shown in the Central Valley real estate market — particularly in the multi-family sector.

The Mogharebi Group brokered the sale of ReNew, a two-story 128-unit apartment complex at 3315 Lovers Lane. The apartment complex built in 2008 sold for $30.65 million to a private Santa Barbara investment group from FPA Multifamily, according to a press release from the brokerage.

There are 16 buildings on 6.76 acres, representing 18.9 units per acre with one-, two- and three-bedroom floor plans. The complex also features a swimming pool, recreation room with wet bar, laundry facilities, clubhouse, spa and reserved parking.

“The Central Valley has long been thought of as strictly an agricultural area, but that is only one part of its economic story,” said Otto Ozen, executive vice president for The Mogharebi Group. “Government and healthcare are large and growing economic drivers, which combined with the region’s lower cost of living has resulted in an in-migration of people from higher-cost coastal cities. Yet new construction has not kept up with demand.  The strong regional economy and steady population growth combined with the high barriers to entry, has not been lost on investors.”

“Not only did we help the seller find ReNew a few years ago, but after 24 months, we were able to sell it for 50% higher price, which is indicative of growing investor interest for properties in the Central Valley,” Ozen said.

From Sacramento to Bakersfield, the region has 1,055 multifamily properties of 50 units or more. Over the last two years, 445 of those properties have traded hands, with The Mogharebi Group brokering 10% of those transactions, according to the release.

Over those two years, the average sales price per unit increased 21% from $111,275 to $135,444. High end apartment complexes experienced the highest increases, growing 28% from $228,465 to $292,412.