COSTA MESA, CA—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 $10,000,000, equating to $131K per unit or $119 per square foot with value add opportunity. 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 on 220 South Callisch Ave and comprises two-, three-, and four-bedroom extra-large units. The property is a 2-story garden-style community comprising 9 residential buildings and 1 common building situated on a 3.42-acre lot with a total of 83,520 rentable square footage. 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 with a mix of two-, three- and four-bedroom units” said Robin Kane of The Mogharebi Group. “The Reserve has run at near full occupancy over the last year with below-market rent providing investors an opportunity to enhance yield in the near term with a slight rental increase and recovery of loss-to-lease.” 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.