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April 24, 2024
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Multifamily Community Near Cal State Fresno Campus Sells for $30 Mil

3/05/24

The Victor, a 232-unit multifamily community, was purchased by a Central Valley-based private investment group in a recent $30 mil ($129.3k/unit) transaction. We’re told this marks the largest multifamily transaction to close in Fresno in nearly two years.

Located on 8.72 acres at 1577 East Bulldog Lane, The Victor is within a five-minute walk to the center of the California State University, Fresno campus. The garden-style property built in 1974 consists of a mix of one- and two-bedroom floor plans that range in size from 800 sf to 1k sf and feature in-unit amenities including in-unit washer & dryers, large balconies, fireplaces, and ceiling fans. Community amenities include a resort style pool, outdoor picnic area, fitness center, and a business center.

Robin Kane and Brendan Kane with The Mogharebi Group represented the seller, a Washington based private investment group. The buyer was able to assume the current loan on the property, which has eight years at 3.94% with three years of interest-only payments remaining.

“The property came with a very low assumable loan far below what is available in today’s market, which made it an appealing investment for potential buyers,” said Robin Kane. “Lenders often make it difficult to assume loans that are well below market, but our seller was familiar with the process and understood how long assumptions take, which made it easier for us to get this transaction across the finish line.”

According to CoStar, less than four percent of Fresno’s multifamily inventory (approximately 2,000 properties) have 200 or more units, with only five properties trading in the past five years. The last transaction this unit size occurred in June 2022 when 5355 N Valentine Ave, a 248-unit multifamily property, sold for $82 mil.

“Property trades of this size are few and far between in the Fresno market. Fresno is a top 20 market for college students, so having a property of this size next door to Fresno State University was a major demand driver,” added Kane.




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