(Save the date: RealShare Apartments East comes to the Hyatt Regency Miami, Florida on February 26th, 2013)
FRESNO, CA-Omninet Capital of Beverly Hills has purchased a four property multifamily portfolio in Fresno, CA totaling 410 units for $14.76 million, GlobeSt.com has exclusively learned. The transaction closed all cash and was consummated within 20 days from the seller's acceptance of the buyer's offer.
The assets were marketed by listing brokers Robin Kane, Dean Zander, Vince Norris, and Gordon Larkin of Hendricks & Partners as “a value-add offering and a rare opportunity for a seasoned operator to enter the Central Valley apartment market and leverage an 'economy of scale' purchase for the area,” Zander tells GlobeSt.com.
The communities included Cedar Creek, a 106-unit property built in 1980; Redwood Canyon, 92 units built in 1971; Sequoia Ridge, 80 units built in 1971; and Sycamore Heights, 132 units built in 1974. All communities had been renovated by a previous owner in 2004 prior to them losing the properties in foreclosure, with additional upgrades again performed by the seller, Decron Properties of Los Angeles, in 2011 and 2012.
The portfolio had an excellent unit mix of 76% two-bedroom homes averaging nearly 865 square feet and an impressive amenity package, Zander adds.
GlobeSt.com will update this story later today with more information from the buyer and seller.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
