Northmarq’s Fresno-based Multifamily Investment Sales team, led by Robin Kane and Brendan Kane, brokered the sale of a 64-unit multifamily community for more than $19 million. Built in 2019, Tempranillo Apartments is located at 2445 E. Copper Ave. in suburban Clovis’ Woodward Park neighborhood.
Northmarq represented the seller, an East Coast-based investment group. The buyer was a California family office.
“Tempranillo presented several challenges ranging from COVID eviction protection hangover effects to below-market occupancy,” said managing director Robin Kane. “Through both professional management and a proactive marketing plan, Tempranillo closed with zero vacancies and no delinquent rents.”
The transaction highlights continued investor interest in high-quality multifamily assets throughout California’s secondary markets, where demand remains strong for well-located, newer-generation communities, according to Northmarq. Tempranillo Apartments offers modern, energy-efficient residences with upscale finishes, including quartz countertops, stainless-steel appliances and in-unit washers and dryers.
The post Fresno-Area Apartments Trade to Family Office appeared first on Connect CRE.
