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3/11/21
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In a recent Fresno multifamily trade, a SoCal-based investor paid $29.25 mil for Park West Apartment Homes, a 256-unit ($114k/unit) residential rental community. Built in 1973, Park West Apartment Homes is located on a 23-acree site at 2407 West Alamos Ave, east of Hwy 99 and south of Shaw Ave.
The community has great exposure and is within a 30- to 60-minute commute to over 812,000 jobs. Park West features an attractive array of community amenities, including two sparkling swimming pools and spas, tennis courts, basketball courts, garages, covered parking, leasing center, clubhouse with kitchen facilities, laundry facilities, and a commercial building that is leased to a day care center. Park west is located within a short walk of Shaw Retail Corridor that is home to Costco, Target, Food Maxx, Walmart Super Center, numerous restaurants, and more.
Alex Mogharebi, Otto Ozen, Robin Kane, and Brendan Kane of The Mogharebi Group represented the seller, a longtime owner based in Southern California. The property generated multiple offers. Due to the size of the property, attractive unit mix and long-term ownership, Park West Apartment Homes presented a true, value-add opportunity that garnered a great deal of interest, according to Ozen.
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