Robin and Brendan Kane represented a Central Valley-based private investment group in the $8.05 million sale of La Casa Feliz in Fresno. Loopnet photo

The Mogharebi Group announced Tuesday that it has brokered the sale of two multifamily Central Valley communities for a combined $15.6 million.

Outrigger Apartments, located in Visalia, is a 54-unit, garden-style property located at 520 S. County Center Dr., featuring one-, two- and three-bedroom units on a city block near Highway 198. It was the first multifamily property to trade in Visalia this year, and the ninth since the start of 2022, according to Costar data.

“Visalia is typically not a trader’s market as owners are primarily cash flow investors that hold their assets long term to capitalize on the strong multifamily fundamentals,” said Mogharebi Group Senior Vice President Robin Kane. “Since inventory does not turn over very often, we had buyers ready in line and went under contract before the property even hit the market.”

The complex sold for $7.5 million. Robin Kane and Vice President Brendan Kane represented the seller, a Central Valley family office.

Kane said the deal closed within 99% of listing to a high-net-worth investor from Southern California marking their first deal in the Central Valley.

The Kane team also represented a private, Central Valley-based investment group in the $8.05-million sale of La Casa Feliz in Fresno.

The complex, a 48-unit property built in 1970, is located at 5360 N. First St. in Fresno and features a mix of large two- and three-bedroom units in single-level, condominium-style designs with attached two-car garages.

The seller consisted of a series of family trusts, including the original developer who owned the property for more than 50 years.

“Ownership enjoyed consistent cash flow over the years with the property long free of debt, but they felt it was time for the building to move on to the next chapter of its life,” Brendan said. “With limited capital improvements made over its lifetime, La Casa Feliz presented a massive value-add opportunity for the buyer, who is a local sponsor we’ve worked with on several deals that is very active in the region.”

The Mogharebi Group also recently sold the 97-unit Modesto community Trails at 2112 Apartments for more than $25 million.

Founded in 2015, Costa Mesa-based The Mogharebi Group has been especially active in the Central Valley recently, closing on more than 10,000 units valued at more than $1 billion. The group owns properties in California, Nevada, Utah, Washington, New Mexico, Iowa and Nebraska and has sold more than 75 thousand units since its founding.