The Casa de Luna and Casa del Sol apartment complexes in Fresno have been sold for a combined $44.5 million. Photo contributed
Written by Gabriel Dillard
An Irvine-based investment group came to Fresno to buy some apartments and made away with the sun and the moon.
The Bascom Group has announced the purchase of Casa de Luna (House of the Moon) and Casa del Sol (House of the Sun), both on Fresno Street just north of Shaw Avenue. The combined 236 units went to the tune of $44.5 million, or $188,559 per unit, according to a news release.
The seller of both complexes was Modesto-based Vintage Properties LP.
California Bank & Trust provided the debt financing. Charles Halladay, Annie Rice and Jamie Kline of JLL Capital Markets arranged the deal.
This is the 25th acquisition for Bascom in the Central Valley.
The 136-unit Casa de Luna was built in 2006 and 100-unit Casa del Sol was built in 1967. Each property has a pool and a fitness center. Unit interiors are in original condition or have only received minor upgrades, which gives a “tremendous opportunity to upgrade the properties,” according to the release.
“We have seen high demand for renovated apartment units in the Fresno market over the last few years,” said Lee Nguyen, senior principal for Bascom. “Casa de Luna and Casa del Sol will undergo renovations targeting unit interiors, exteriors, and amenities. Our focused renovation plan will present renters with a variety of unit interior finish levels and price points. The properties will offer best-in-class apartment living at attractive pricing, offering renters relative value to higher priced properties in the area. In addition, we plan to rebrand the communities with new names, signage, and fresh marketing material.”
The Central Valley’s population growth of 25% since 2000 has interested outside investors, according to the buyer.
“Fresno has seen tremendous growth over the last decade, and we are excited about continuing to invest in the community. Driving industries in Fresno like healthcare, information technology, and logistics, which complement Fresno’s robust agricultural activity, have attributed to Fresno’s economic prosperity and strong apartment occupancy,” said Jim Singleton, senior Vice President for Bascom.