A Clovis property investment group announced it has sold a Bay Area apartment complex for $29.85 million. Image via IDEAL Capital Group

A Clovis property investment group announced it has sold a Bay Area apartment complex for $29.85 million.

IDEAL Capital Group, a Clovis based firm that has developed or acquired more than $2 billion in California multifamily housing, entered a joint venture with Aegon to sell the 120-unit Elements @ 1600 apartments in Fairfield.

IDEAL purchased Elements @ 1600 for $19.2 million in November 2017, with the recent sale representing a 57% return on investment.

Elements @ 1600 is comprised of 119 two -bedroom apartments and one studio. Community amenities include a swimming pool, a picnic area, children’s playground, and EV charging stations.

Originally branded as “Springs Meadows,” the site benefited from a multi-million-dollar rebranding and rehabilitation program.

“Through well-executed renovations, Elements @ 1600 drove substantial value for our investors and the community,” said Austin Herzog, president at IDEAL Capital Group. “With the sale of Elements at 1600, we have achieved a project-level 57% return on invested capital over just under four years.”

The Mogharebi Group’s Alex Mogharebi and Otto Ozen represented both the buyer, a private individual, and IDEAL.