Pine Valley apartment complex image via apartments.com
Written by David Castellon
Two north Fresno apartment complexes have been sold for a combined $13.8 million.
Pine Valley, a 76-unit complex north of Ashlan and Marks avenues, and the 82-unit Alder Heights Apartments, northwest of North Hughes and West Dakota avenues, sold amid multiple offers, reports The Mogharebi Group, which brokered the sales for the seller.
The company, along with brokers from Los Angeles-based Stepp Commercial, also represented the buyer for the Alder Heights Apartments, while a different firm not named in the release represented the Pine Valley Apartment buyer.
“Due to below-market rents, very desirable location, strong unit mix and good parking, these Fresno communities presented tremendous value. Consequently, the buyer pool was abundant,” said Brendan Kane, vice president of TMG and one of the brokers directly involved in the sales.
“We generated multiple offers at full price from our pool of private and exchange buyers. Ultimately, it was two separate investors who stepped up to the plate and made the most attractive offers to the sellers to win these deals.”
The sellers and buyers of the two properties, which sold at an average price of $87,310 per unit, weren’t named in the release.