The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
May 27, 2024
 Search RENTV
   Go!
 The REview
 News
News Home Page
Southern California
Northern California
Pacific Northwest
Texas/Southwest
Retail
Multifamily
Financing
Prop. Management
Archives
Press Releases
 R. E. Marketplace
Service Providers
JobWorks
Property Spotlight
 RENTV  Conferences
Subscriber Login:
  
Email      
    Go!
Password      
Forgot Password?





MULTIFAMILY NEWS
Printer-friendly Version   Email an Associate
Fresno Multifamily Property Sells for $300k/Unit

4/11/23

Birch Commons, a 49-unit multifamily property in Fresno, sold for $14.75 mil ($301k/unit). Located on 4.77 acres at 1850 E. Birch Ave, Birch Commons is a townhome-style apartment community with a unit mix of one-, two-, and three-bedroom floor plans.

The spacious apartment homes range from 939 sf to 1.7k sf and feature granite countertops, in-unit laundry or hookups, vaulted ceilings, fireplaces, and private yards. Common area amenities include a swimming pool, clubhouse, fitness center, and designated one- to two-car garages. Birch Commons is situated roughly two miles east of the SR 41 highway and within a five-minute drive of CSU Fresno.

The sale marked the first time the asset traded hands, as the original developer owned the property since it was built in 2006. Robin Kane, Brendan Kane, and Gordon Larkin of The Mogharebi Group represented the seller, a Central Valley builder, in the transaction. The buyer was a family office, repped by Dustin Ilic and Nick Sheehan of the Visintainer Group.

“Because Birch Commons is an institutional-quality asset and presented such a rare acquisition opportunity in Fresno’s high-demand Woodward Park neighborhood, we were able to achieve one of the market’s highest prices per door ever at more than $300k,” said Kane. “Investors don’t often see a stabilized, legacy asset come to market in such a strong area. The last opportunity like this in the Fresno metro came before the pandemic.”

Fresno, California’s fifth most populous city, has experienced significant growth despite a period of general population decline in the state. Especially since the start of the pandemic, this positive net in-migration has been driven by Fresno’s relative affordability compared to more expensive coastal markets. Empowered by the resulting tight supply and low vacancy, the city’s apartment investment sector has risen in prominence. LoopNet ranked Fresno No. 1 nationally for multifamily investment opportunities under $20 mil based on liquidity, rent growth, and demand.





Return to the Archive page
 


 
 
 
 



Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2024 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media