Apartment Building in Fresno Sells for $15MM

Fresno, The Mogharebi Group, Sandalwood Gardens,

FRESNO, Calif.–The Mogharebi Group (“TMG”) has completed the sale of Sandalwood Gardens, a 124-unit apartment community located in California’s Central Valley. Robin Kane, and Brendan Kane of The Mogharebi Group represented the seller, a longtime owner based in Southern California. The buyer was a private capital investor also based in Southern California. The property sold for $15,000,000 ($120,967 per unit) and generated multiple offers.

“Due to below market rents, attractive unit mix, long-term ownership and desirable North Fresno location, Sandalwood Gardens presented a true, value-add opportunity that garnered a great deal of interest,” said Robin Kane, Executive Vice President of The Mogharebi Group. “Through our proprietary 1031 exchange platform, which includes a robust network of private, high net-worth and exchange buyers, we were able to drive the value and successfully close above list price.”

Built on a 5.45-acre site in 1986, Sandalwood Gardens is located at 3880 North Fruit Avenue in Fresno. The community has great exposure on their fronting roads and is within a 30- to 60-minute commute to over 660,000 jobs. Sandalwood Gardens features an attractive array of community amenities, including two sparkling swimming pools, garages, covered parking, leasing center and laundry facilities, and a commercial building that is leased to a day care center. Sandalwood Gardens is located within a short drive to Trader Joes, Whole Foods Market and numerous shops, restaurants, and more.

About The Mogharebi Group (TMG):

The Mogharebi Group is a brokerage firm specializing in the multifamily property sector throughout California. With unrivaled local knowledge, an extensive global network of top real estate investors, state of the art technology, and direct access to capital, The Mogharebi Group is the best choice to meet the needs of major private investors and investment funds.

West Coast Commercial Real Estate News