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October 22, 2019
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The Bascom Group and Artemis Real Estate Partners Spend $35 Mil on Value-Add Res Opportunity in Fresno

9/13/19

The Bascom Group LLC, in partnership with Artemis Real Estate Partners, has acquired Phoenix Townhomes, a 248-unit condominium-style apartment community in Fresno, for $35 mil, or about $141k/unit. Constructed in 2004, Phoenix Townhomes is located at 5355 North Valentine Ave.

Phoenix Townhomes is conveniently situated in the desirable Northern Fresno submarket, situated near the highly trafficked West Shaw Ave and a short drive from numerous retail and entertainment attractions, including River Park Shopping Center and the Fresno Chaffee Zoo.

Located only six miles northeast of Downtown Fresno and within minutes of State Highways 99, 41, 180 and Fresno State University, Phoenix Townhomes provides residents convenient access to shopping, dining, entertainment, education, and major employment centers throughout Fresno county. Fresno is home to some of the largest employers within California’s central valley, including the Internal Revenue Service, Saint Agnes Medical Center, California State University, Fresno and Kaiser Permanente.

“Phoenix Townhomes is an extremely well-located property with convenient access to strong employment centers, schools, and numerous retail and entertainment options,” noted Bascom’s Senior Vice President and Principal, Jim Singleton. “The Fresno market continues its healthy growth led by strong employer investment by companies seeking to take advantage of Fresno’s low cost of living and relative affordability, with several ongoing and planned development projects estimated to bring over 3,600 jobs to the area. These new developments and the excellent quality of life offered by Fresno continue to attract a growing number of young professionals and families relocating to the area.”

The asset, which boasts exceptionally large floorplans and unique two and three-bedroom units, is viewed as offering a significant value-add opportunity. Mark Mimms at SVN/MJM & Associates was involved in brokering this transaction.






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