The 150-unit Cottonwood Grove in Clovis features one-, two- and three- bedroom units. Photo via apartmentratings.com

Northmarq’s Fresno Investment Sales team of Robin and Brendan Kane recently brokered two multifamily transactions totaling over $61 million with the $28.25 million sale of the 142-unit The Grove in Bakersfield and the $33.37 million sale of the 150-unit Cottonwood Grove in Clovis.

“Both buyers independently sought us out to represent them knowing we could bring a combination of expertise and a focus of professional representation of their interest in what were very complicated transactions involving CalHFA assumptions,” Robin said.

Robin said that both buyers were family offices, one based in the Fresno area and the other in Arizona and Southern California. 

“They came to us independently, which was really strange,” Robin said. “They engaged us to represent them. We wrote the offer, and both deals closed within two weeks of each other.”

He added that both properties were restricted by California Housing Finance Agency agreements, which mandates rents and income qualifications.

Kane said having buyer representation has become increasingly important. 

“Having a buyer’s agent is really a growing trend,” he said. “Now a buyer has to sign a separate agreement with an agent if they want representation.”

The Grove is located in Bakersfield and includes one-, two- and three-bedroom apartment homes. Residents variety of amenities, including a pool, fitness center and a hydrotherapy spa.

Cottonwood Grove is in Clovis and features one-, two- and three- bedroom units. Apartment homes include in-unit washer/dryers, walk-in closets and private balconies/patios. Amenities include a swimming pool with a sundeck, fitness center, clubhouse and more.