Written by The Business Journal Staff
Robin Kane, senior director at Berkadia Real Estate Advisors, the listing broker for the Granville’s Urban portfolio, confirmed the properties went on the market last week after being shown to a number of qualified private investors the week before.
“This is a package deal,” Kane said. “When this thing hit the market privately, my phone started ringing off the hook.”
Berkadia has not released an asking price for the Granville Urban Downtown Fresno portfolio but other area real estate experts say the package of properties could sell for as much as $50 million.
“The seller is willing to consider offers at a 5.5 to 5.75 cap rate,” Kane said.
Located within the Mural District and Lowell neighborhood, the Granville Urban portfolio includes a total of 291 units — 287,969 square feet — in nine, multi-award wining communities developed by Darius Assemi’s Granville’s Homes.
Assemi said Tuesday that if the Downtown Fresno properties sell, “there are other communities around the Valley we’d like to look at.”
“I believe we’ve sparked the revitalization of Downtown Fresno,” Assemi added. “I’m encouraged that other developers are now aggressively looking at Downtown Fresno. We started investing there when very few people were looking at investing in new residential construction or renovation in the area.”
On Wednesday, Granville Urban’s newest Downtown Fresno development, Phase 2 of The Lede, an 85-unit mixed-use project near the corner of Fulton and Stanislaus streets, is scheduled to hold a grand opening.
The other Downtown Fresno properties included in the Granville Urban portfolio include:
- 1612 Fulton, a 30-unit complex built in 2013
- Van Ness Cottages, a 20-townhouse development built in 2011
- Brio on Broadway, built in 2015, which includes 52 apartments, a leasing office and single, ground-floor retail space
- Bungalow Court, eight cottage-style apartments restored and rebuilt in 2012
- Crichton Place, 28 townhomes built in 2014
- Fulton Village, 46 apartments and three ground-floor retail spaces built in 2011
- 1743 L Street, a 16-unit development currently under construction
- 1752 L Street, a 4-unit project also now being built
Kane said that he has already received a number of inquiries from other area developers about the portfolio, which is being advertised on LoopNet along with a marketing video promoting Downtown Fresno and the specific Granville Urban developments.
“With the Fulton Street restoration project and high-speed rail development, the time is right for this deal,” Kane said. “The Fresno market is a Top Ten California market in terms of rent growth, occupancy and vacancy.