Here are a few options: Simple/factual: The GV Urban Portfolio, a seven-property, 191-unit multifamily development in Downtown Fresno's Mural District, has been listed for sale by Granville Homes.

A seven-property, 191-unit multifamily portfolio developed by Granville Homes in Downtown Fresno has hit the market.

The GV Urban Portfolio, located in the Mural District, consists of seven different communities — 1612 Fulton (30 units), 330 Van Ness (20 units), Bungalow Court (eight units), Crichton Place (28 units), The Lede (85 units), L Street – 1743 (16 units) and L Street – 1752 (four units). All seven properties are located within a few blocks of each other across 7.04 acres.

Six of the seven properties are Class-A construction built between 2011 and 2019. Bungalow Court has a historic preservation component. Several of the properties — including Van Ness Cottages, Bungalow Court, 1612 Fulton and Crichton Place — have won multiple multifamily housing awards.

The portfolio includes 47 deed-restricted affordable units, though the restriction is set at 120% of area median income — significantly higher than the 60% or 80% AMI caps more typical of affordable housing deals. Four of the assets are subject to RDA Loan Agreements tied to that affordability requirement.

The portfolio is being marketed by Robin Kane and Brendan Kane of Northmarq, which is listing the properties at market price. The portfolio also includes four ground-floor retail spaces across two buildings, totaling 2,411 square feet.

Robin Kane said the newer vintage is a key selling point in today’s market, where older apartment buildings have become increasingly costly to own. “Buying an older building, you’re buying a bag of problems,” Kane said, citing rising insurance costs and the expense of replacing aging electrical panels, plumbing, HVAC systems and appliances. “In today’s world, investors are realizing” how prohibitive those capital costs have become.

Granville, known primarily as a builder-developer rather than a long-term holder, has previously sold other Downtown Fresno assets including the Brio and Fulton Village. Kane said the decision to sell the portfolio reflects a natural capital redeployment cycle for the company. Granville is currently developing a new community near El Paseo off Riverside Drive, has another project in lease-up near Shields Avenue and has several additional projects in the pipeline.

The properties are clustered near Fresno City Hall, the Fresno County Superior Court, the U.S. District Court and IRS Regional Offices, Community Regional Medical Center and Selland Arena — a tenant base Kane said skews toward professionals in law, government, accounting and medicine. “There is a huge component of residents who want to live downtown, to be close to work,” he said. “They don’t want to commute 25 to 35 minutes up north to get a nice apartment.”

The portfolio generated $3.58 million in effective gross income over the trailing 12 months, with a pre-tax net operating income of $2.65 million after reserves, according to the offering materials. The Year 1 pro forma projects NOI climbing to $2.96 million. Weighted average rents across all 191 units stand at $1,675 per month, with a Northmarq market rent estimate of $1,724.

The portfolio sits within a federally designated Opportunity Zone and is zoned C-4.