FPA Multifamily has sold ReNew, a 128-unit apartment complex, to an unnamed private investor for $30.7 million. The property is located in Visalia, a city in the Central Valley near Santa Barbara.

Located at 3315 Lovers Lane, the garden-style property was built in 2008 on a nearly 7-acre land site. It features 16 buildings totaling 119,608 rentable square feet with a mix of one-, two- and three-bedroom floorplans. The property also has a swimming pool, recreation room with wet-bar, laundry facilities, clubhouse, spa, and reserved parking for residents.

FPA Multifamily purchased the property two years ago, and was able to sell the asset with a price increase of 50%. The deal illustrates the growth in the region over the last several years. In the last two years, 445 properties have traded hands, and the average sales price per unit increased 21% from $111,275 to $135,444.  The Mogharebi Group brokered the deal on behalf of FPA, and they have brokered 10% of all multifamily transactions in the Central Valley in the last 24 months.