248-Unit Fresno Apartment Complex Sells for $82MM

Fresno, Berkadia, Ascent Townhomes, Artemis Real Estate Partners, Bascom Group

Berkadia Institutional Solutions announced today the sale of Ascent Townhomes, a 248-unit multifamily property located in Fresno, California. Senior Director Mike Murphy and Associate Director Thomas Bender of Berkadia Irvine comple­ted the $82 million sale ($330,645 per unit) on behalf of the seller, a Joint Venture between Artemis Real Estate Partners and The Bascom Group, and the buyer, a private California-based investor. The deal closed on June 30.

“Ascent Townhomes is a unique and well-maintained asset with an already proven value-add strategy that the new owner plans to continue,” said Murphy. “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.”

Fresno has been the second fastest growing metro in California over the past 10-20 years in terms of jobs and population. “With a lack of high-quality rental product and nearly non-existent supply pipeline in a rapidly growing market, we entered Fresno recognizing an inherent opportunity for market outperformance that many investors were overlooking,” said Jerry Fink, Managing Director for The Bascom Group.

Located at 5355 N Valentine Ave., Ascent Townhomes features large two- and three-bedroom floor plans with private patios. The most unique feature is the property’s 100 percent on-grade row townhome design featuring separate walk-up entries for every unit.

“The property’s unique all-townhome design caters to the broader demand in suburban markets for characteristics inherent in single-family rental product,” said Murphy.

West Coast Commercial Real Estate News