Image via livecanyonsprings.com
Written by Gabriel Dillard
Canyon Springs, a 138-unit apartment complex in Fresno, has been sold for $19 million to a private investment group from San Diego.
Located on North Figarden Drive, Canyon Springs received multiple offers, according to a news release from The Mogharebi Group (TMG), which represented the seller – a Clovis-based investment group – in the transaction.
The sale price per unit equates to $137,681 for Canyon Springs, which is partially affordable housing with restrictions from both tax credits and bond covenants.
“The sale reflects the confidence investors have in Fresno’s Outlook in job, population and rent growth, which has outpaced core markets,” said Robin Kane, vice-president of TMG.
Otto Ozen, executive vice-president of TMG, also added, “Despite the restrictions imposed by LIHTC (Low-Income Housing Tax Credit), we were able to market this asset to our diverse network of buyers, generating multiple offers and closing near the list price.”
Kane and Ozen were joined by Alex Mogharebi and Brendan Kane in representing the seller. TMG is based in Costa Mesa with offices in Fresno, Bakersfield and Ontario, California.
Canyon Springs was built in 2004 and features 14 residential buildings with two stories on a 14.77-acre site. It features two-, three- and four-bedroom floor plans with an average size of 1,058 square feet. It includes a swimming pool and spa, clubhouse, “tot lot,” business center, fitness center and basketball and volleyball courts.