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December 9, 2023
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NORTHERN CALIFORNIA NEWS
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Fresno Multifamily Property Trades for $124k/Unit

4/18/23

Northbrook Apartments, a 92-unit, garden-style multifamily community in Fresno, sold for $11.4 mil, or about $124k/unit. The single-story complex is located at 584 E. Bullard Ave.

Northbrook Apartments offers a mix of one- and two-bedroom floor plans ranging from 700 sf to 900 sf. The property was built in 1972 on just over six acres and features two swimming pools, and private enclosed patios. Northbrook’s superior location in northeast Fresno is within 10 minutes of area demand drivers such as Fresno State, River Park Shopping Center, and Fresno Yosemite International Airport.

Robin Kane, Brendan Kane, and Gordon Larkin of The Mogharebi Group represented the Monterey-based owner/developer in the transaction. Offered on the market for the first time in more than 24 years, the asset was acquired by a Central Valley family office.

“Northbrook drew significant investor interest due to its quality construction, prime location, and upside potential,” said Robin Kane. “With their experience in the Fresno market, the buyer recognized the opportunity available to maximize revenue by improving the loss to lease and aligning rents with market.”





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