With Local Rents Rising, Fresno Apartment Complex Sells for $82 Million
Ownership of a high-end north Fresno apartment complex changed hands last week in a deal valued at $82 million.
Ascent Townhomes, a 248-unit property located on Valentine Avenue near Fig Garden Loop, was sold to an unnamed California-based investor, according to a news release. The property was previously owned by a pair of large estate investment companies.
The sales broker, Berkadia Institutional Solutions, pointed to Fresno’s robust rental housing market as a factor in the sale.
“The Fresno market has seen tremendous growth in recent years and new ownership will be able to continue renovations to the property to take advantage of the demand for luxury product,” said the company’s senior director, Mike Murphy.
Ascent Townhomes offers two- and three-bedroom floor plans with private patios and separate walk-up entries for each unit. The gated complex also features pools, an in-ground spa, a clubhouse, a playground, and a fitness center, among other amenities.
Rents range from $2,400 to $2,700 per month, according to the property’s website.
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A spokesman for one of the companies selling off the Fresno complex also referenced favorable local conditions for real estate investment.
“With a lack of high-quality rental product and nearly nonexistent supply pipeline in a rapidly growing market, we entered Fresno recognizing an inherent opportunity for market outperformance that many investors were overlooking,” said Bascom Group managing director Jerry Fink.
In June, apartment search website Zumper ranked Fresno among the nation’s Top 5 markets for rising rents.