|
|
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
|
|
|
|
|
Printer-friendly Version
Email an Associate
