Los Angeles-based The Resmark Companies has sold Parador Townhome Apartments in Clovis. Photos via paradortownhomes.com
Written by Breanna Hardy
A Los Angeles-based real estate group announced the sale of a Clovis residential complex Monday, pointing to a growing appetite for investment in single-family rental communities.
The 168-unit community, Parador Townhome Apartments, is located off Herndon Avenue between North Fowler and North Armstrong avenues at 310 N. Amedeo Ln. The complex is fully-leased and was developed by The Resmark Companies, a residential real estate investment company based in Los Angeles.
The buyer preferred to remain anonymous, according to a Resmark spokesperson. The terms of the deal were not disclosed.
Rents start at $2,280 for two bedrooms and two bathrooms, and the units include as many as three bedrooms and three bathrooms, according to the complex’s website. The townhomes are between 1,168 and 1,721 square feet and resemble single-family homes, with features including individual entries, high-end interior finishes and appliances, direct-access garages and private outdoor patios.
There was aggressive and robust bidding for the community, reflecting intense investor interest in pursuing single-family rentals in growing suburban markets, stated Mitchell Goodman, Resmark CEO.
“Parador exemplifies the intersection of Resmark’s core expertise – investment in single-family for-sale and multifamily development,” said Ziv Cohen, Resmark’s chief investment officer. “Over the past two decades, we have invested in the development of over 85,000 single-family and multifamily units across more than 250 investments, totaling more than $10 billion in value. Our longstanding relationships with many of the country’s best homebuilders and property managers allow us to select from among the most attractive investment opportunities.”
Parador Townhome Apartments opened in 2020.