Berkadia Institutional Solutions of Irvine, CA has announced the $82 million sale of Ascent Townhomes, a 248-unit multifamily property located in Fresno, CA. The buyer was a private California-based investor.
Berkadia Senior Director Mike Murphy and Associate Director Thomas Bender represented the seller, a JV between Artemis Real Estate Partners and The Bascom Group. “With a lack of high-quality rental product and nearly non-existent supply in a rapidly growing market, we recognized Fresno as an opportunity for market performance that many investors were overlooking,” said The Bascom Group’s Managing Director Jerry Fink.
“Ascent Townhomes is a unique and well-maintained asset with an already proven value-add strategy that the new owner plans to continue,” said Murphy in a news release. “The Fresno market has seen tremendous growth in recent years and new ownership will be able to continue renovations to take advantage of demand for luxury product.”