A rarity sale for its size, the 232-unit apartments near Fresno State, The Victor, have been sold. TMG photo

The Mogharebi Group’s (TMG) Fresno office successfully negotiated the largest multifamily transaction in Fresno County in nearly two years, securing the sale of The Victor, a 232-unit multifamily community, for nearly $30 million.

The last transaction of this unit size occurred in June 2022 when the 248-unit multifamily property on 5355 N Valentine Ave, the Ascent Townhome Apartments, sold for $82 million, according to TMG.

Senior Vice President Robin Kane and Vice President Brendan Kane, based in TMG’s Fresno office, represented the seller from a private investment group in Washington.

Located on 8.72 acres at 1577 East Bulldog Ln., The Victor is a five-minute walk to the center of the Fresno State campus. The garden-style property built in 1974 consists of a mix of one- and two-bedroom floor plans that range in size from 800 to 1,000 square feet and feature in-unit amenities including washers and dryers, large balconies, fireplaces and ceiling fans. Community amenities include a resort-style pool, outdoor picnic area, fitness and business center. 

The buyer is a Central Valley-based private investment group. The buyer assumed the current loan on the property, which has eight years at 3.94% with three years of interest-only payments remaining. 

“The property came with a very low assumable loan far below what is available in today’s market, which made it an appealing investment for potential buyers,” said Robin Kane in a news conference. “Lenders often make it difficult to assume loans that are well below market, but our seller was familiar with the process and understood how long assumptions take, which made it easier for us to get this transaction across the finish line.”

According to CoStar, less than 4% of Fresno’s multifamily inventory of around 2,000 properties have 200 or more units. Only five of those properties have traded hands in the past five years.  

“Property trades of this size are few and far between in the Fresno market. Fresno is a top 20 market for college students, so having a property of this size next door to Fresno State University was a major demand driver,” added Kane. 

The Mogharebi Group has led the way in multifamily investment advisory since 2015 and has been active in the Central Valley. TMG has closed on more than 10,000 units in the region with a total value exceeding $1 billion.