Millbrook Pines Apartments is a 48-unit community located at 3765-3785 Millbrook Ave. near Dakota Avenue in Fresno. Apartments.com photo

Northmarq’s Fresno multifamily investment sales team and father-son duo of Robin and Brendan Kane completed the $5.71 million sale of Millbrook Pines Apartments, a 48-unit community located at 3765-3785 Millbrook Ave. near Dakota Avenue in Fresno. The completion of the sale was announced on June 6. 

Northmarq represented the seller, Millbrook Pines Apt Fresno LLC, while a Southern California-based private capital buyer acquired the property. The previous owners owned the apartments for 20 years. 

The 1968-built apartments feature gated access, a pool and central heating and air. They are close to Highways 41, 168 and 180 and a short drive from Fresno State.

Robin said the property’s strong location, long-term ownership, excellent curb exposure and minimal tenant delinquencies made it especially attractive. Though well cared for, the apartments have not undergone major upgrades, Robin said.

The property offers potential for increased rental income through interior upgrades and unit renovations.

“It is perfect for what we would call value-add opportunities, where you can make improvements to the unit, and in exchange ask for and achieve higher rents,” he said. “They took care of it, but they didn’t go through any substantial upgrades.”

The average rent was $1,100 a month, but with a renovation, that could probably go up to $1,350 to $1,400 a month, Robin added.

“That’s quite a bit of a delta that can be accomplished. But if you want to try to attract tenants who want to see updated units with updated appliances and fixtures, they’ll pay for it if it’s been done,” he said. 

Millbrook Pines ultimately sold over the asking price with nearly a dozen offers.