Screenshot via Google Street view
A 244-unit apartment community in central Fresno is already attracting interest from investors across California and beyond after being brought to market this week, according to Blake Blackburn, a multifamily investment advisor with Visintainer Group.
Visintainer Group worked in partnership with Northmarq in listing Casa Del Rey Apartment Homes at $37.9 million. The multifamily property, located at 526 E. Barstow Ave., in Fresno, was built in 1972 and is being marketed as a value-add investment with below-market rents and significant recent improvements. Offers are due Aug. 5.
Blackburn said the property’s location is one of its strongest selling points.
“The location is in the center of town,” Blackburn said. “You’re right next to Fresno State, and Fashion Fair and River Park are nearby, creating strong tenant demand.”
The property’s 244 units broaden its appeal to institutional and private investment groups. Blackburn said the listing has already received interest from investors in Los Angeles, San Francisco and Texas, in addition to some local interest.
The community’s unit mix — 74% two-bedroom apartments and 26% one-bedroom apartments — appeals to college students, young professionals and some families, Blackburn said.
Ownership has put in extensive improvements in recent years, including replacement of electrical subpanels, new exterior paint, roof replacements, HVAC upgrades and water heater improvements.
“It’s been well maintained and positioned for long-term healthy expense loads,” Blackburn said.