The 248-unit condo-style multifamily complex, Phoenix Townhomes, is located at 5355 North Valentine Ave.
FRESNO, CA—Fresno is home to some of the largest employers in the Central Valley, including the Internal Revenue Service, Saint Agnes Medical Center, California State University, Fresno and Kaiser Permanente. As a result of employment demand, well-located multifamily properties continue to draw residents and investors.
A recent example is the acquisition of Phoenix Townhomes, a 248-unit condominium-style apartment community located at 5355 North Valentine Ave. The Bascom Group LLC, in partnership with Artemis Real Estate Partners, recently purchased the asset for $35 million or $141,129 per unit.
"Phoenix Townhomes is an extremely well-located property with convenient access to strong employment centers, schools, and numerous retail and entertainment options," says Jim Singleton, Bascom's senior vice president and principal. "New developments and the excellent quality of life offered by Fresno continue to attract a growing number of young professionals and families relocating to the area."
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
