Two Central California Multifamily Assets Sell for $38.5 Million
FRESNO, Calif., April 17, 2020 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of two multifamily properties in Fresno, California. The communities are Boulder Springs, a 176-unit complex and Meadowbrook Apartments, a 104-unit property. Boulder Springs traded at $25 million, or $142,045 per unit and Meadowbrook Apartments sold for $13.5 million, which equates to $129,807 per unit.
“Located in a strong multifamily submarket, Boulder Springs is one of West Fresno’s largest apartment complexes,” said Jon Mimms, senior vice president investments in Marcus & Millichap’s Fresno office. “Meadowbrook Apartments’ location within walking distance of California State University, Fresno and its unit mix of large two-bedroom apartments attracts students and young professionals. We brought in multiple offers for Meadowbrook and sold the property for $900,000 over the asking price.” Mimms represented the sellers and procured the buyers in both transactions.
Built in 1985 on 11.6 acres just west of Highway 99, Boulder Springs is close to three shopping centers: Marty Gras Shopping Center, the Shaw Marketplace and Wal-Mart Northwest Center. Three colleges, Fresno City College, Fresno State University and Fresno Pacific University are nearby. The community has large townhouse-style units, a fitness center, spa, pool and basketball and tennis courts.
Meadowbrook Apartments is a 39-building property constructed in 1971 on a 309,960-square-foot lot off E Shaw Avenue and Millbrook Avenue. The 45-acre Campus Pointe at Fresno State shopping center, the Sierra Vista Mall and the Save Mart Center, a multi-purpose arena, are nearby. The unit mix is 39 two-bedroom/one-bath units and 65 two-bedroom/two-bath apartments.
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About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.