COSTA MESA, Calif.–(BUSINESS WIRE)–The Mogharebi Group (“TMG”) has arranged the sale of The Reserve, a 76-unit community located just outside of the downtown area of Fresno, CA. The property sold for $10,000,000equating to $131K per unit or $119 per square foot. Robin Kane and Brendan Kane of The Mogharebi Group represented the seller, a long-term SoCal based owner; the buyer is a private investment group based out of Southern California.
Built in 1968, The Reserve is located at 220 South Callisch Ave. and comprises two-, three-, and four-bedroom extra-large units. Community amenities include well-manicured grounds, a pool and spa, on-call / on-site maintenance, an on-site laundry facility, and controlled access capabilities. The Reserve is within walking distance to Fresno’s Downtown, filled with a plethora of dining and nightlife options, high-end shopping, and unique architecture.
“Fresno has been a top five market in the nation for Year-Over-Year Rent Growth. The Reserve presented a phenomenal opportunity given its unit mix of two-, three- and four-bedroom units,” said Robin Kane of The Mogharebi Group. “The Reserve’s prime location between 8 schools and the nearby downtown makes this a highly attractive locale for investors,” Kane added.
The reserve is located in the Fresno urban core within a designated opportunity zone, which highlights the surrounding area for new private and public investments for community-level impact. Commutable to 848,000 jobs within a 30-, 60-, and 90-minute commute of The Reserve, there are approximately 401,905, 662,575, and 847,905 jobs, respectively. The 99 and 180 Highways offer easy access to employment for an increasingly robust tenant base throughout Fresno, Clovis, and the surrounding Central Valley.
About The Mogharebi Group
The Mogharebi Group is one of the largest multifamily brokerage firms in the United States by volume. With offices throughout California, Seattle, and Salt Lake City, The Mogharebi Group offers private investors and investment funds deep local market knowledge, an extensive global network of top real estate investors, state-of-the-art technology, and direct access to capital with over $800 million in regularly revolving inventory.
For more information, visit: Mogharebi.com