(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.