Written by The Business Journal Staff
A Clovis-based real estate investment firm, IDEAL Capital Group, announced the sale of Oak View Apartments in Visalia for $42 million. First purchased in 2017 for $25.4 million, the sale gives the firm a 35% internal rate of return.
IDEAL Capital Group’s sale is a joint venture with WinnResidential and Aegon. The 237-unit complex is located at 4700 W. Caldwell Ave. in Visalia. It includes a combination of one-, two- and three- bedroom townhome-style apartments
Community amenities include pool and spa, children’s tot lot, fire pits, barbecues, large common areas, security gates, refurbished clubhouse, basketball and volleyball courts and a fitness center.
The complex has extensively upgraded its pool zones, tot lots and play fields and enhanced the unit interiors since 2017.
“Through strategic renovations, Oak View drove substantial value for our investors and the community,” said Kevin Conway, director of acquisitions at IDEA Capital Group. “With the sale of Oak View, we have achieved a deal-level 35% compounded annual return. This equates to a 141% return on project equity over 39 months.”
IDEAL Capital Group owns and operates over 5,000 units of multifamily real estate. The firm manages capital on behalf of itself, its institutional clients and its individual investors. “Three years ago, we set out to transform an underutilized asset into one of the premier living communities in Visalia. We are proud to have achieved that goal,” said Austin Herzog, president of IDEAL.
The Mogharebi Group’s Alex Mogharebi and Otto Ozen represented both the buyer, a private individual, and IDEAL. IDEAL is currently raising its next private capital fund.