Photo courtesy of Mogharebi Group
A 248-unit Fresno apartment community has sold for $44 million, marking one of the Central Valley’s largest multifamily investment transactions this year.
The Mogharebi Group represented JBT Property Management in the sale of Maroa Park Apartments, 475-585 W. Sierra Ave., to a private buyer. Terms of the transaction identified the buyer only as a private investor.
Executive Vice President Otto Ozen said the property attracted strong interest because it was offered for sale for the first time since it was built in 1986 and had been maintained by the original owner.
“It was a very well-maintained, pride-of-ownership asset with upside potential,” Ozen said, adding that continued renter demand and opportunities to increase revenue through utility reimbursements also appealed to investors.
The community includes 248 one- and two- bedroom apartments averaging 878 square feet and is located near Highway 99.
Ozen said Fresno continues to attract multifamily investors as its economy diversifies beyond agriculture and housing remains more affordable than in many coastal California markets.
“As that employment base strengthens and continues to expand, it’s pushing rental rates upward,” Ozen said. “People looking for a more affordable place to live are increasingly considering markets like Fresno and Clovis.”
Ozen added that he expects demand for multifamily investments in the region to remain strong over the next 12 to 18 months despite slower activity in larger California markets.
The Mogharebi Group, founded in 2016, specializes in multifamily investment sales across the western United States.