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12/09/22
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Oak View Apartments, a 237-unit garden-style multifamily community in Visalia, was purchased by a SoCal-based private investor in a recent $50 mil ($211k/unit) transaction. The asset was fully occupied at time of sale.
Built in 1990 and partially renovated in 2022, Oak View Apartments offers a mix of one-, two- and three-bedroom units ranging from 608 sf to 1.2k sf in two-story apartment buildings and single-level duplexes on a 16.46-acre site at 4700 W. Caldwell Ave. The community features an extensive array of amenities including two swimming pools, a resident clubhouse with full kitchen, business and fitness centers, tot lots and sports courts, and laundry facilities.
The buyer plans to seize the major value-add opportunity at Oak View by upgrading the remaining unrenovated 173 units to premium levels. Only one of the community’s 37 duplexes, a rarity in the Visalia market, has been fully renovated.
Oak View residents enjoy easy access to Highway 99 and 198, which connect to retail and employment centers, as well as recreational areas, throughout the Central Valley region. Less than two miles away from the community is the Mooney Boulevard commercial corridor, home to Sequoia Mall and Packwood Creek East/West, the two primary retail centers in Visalia. The community is within walking distance of several schools, including adjacent elementary and middle schools.
Otto Ozen with The Mogharebi Group represented the seller, a Los Angeles-based private investor.
“Rental growth has been good overall, but it has been softening during the last few months,” Ozen commented. “Despite that trend, Visalia continues to show strength with a quality of life that is one of the best in the Central Valley. In addition to the current value-add upside at Oak View Apartments, the new owner should continue to enjoy rent increases on annual renewals in the 9% range.”
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