A Los Angeles real estate investment firm has made an entrance into the Central Valley in a big way — buying 614 Fresno apartment units in a $98.75 million transaction.
JRK Property Holdings has acquired the 218-unit Crown Point, 200-unit Cascades and 196-unit Dominion Heights apartment complexes located in Northeast Fresno near the intersection of Champlain Drive and Perrin Avenue, according to a news release.
It is the firm’s first acquisition in the Central Valley.
Crown Point and Cascades at 9375 N. Saybrook Dr. sit adjacent to each other and operate as a single property sharing leasing and amenity space. Dominion Heights is about a half mile away at 1164 E. Perrin Ave.
Located in the Clovis Unified School District, the properties feature a mix of one- and two-bedroom floor plans with wood-burning fireplaces
Listed amenities at Crown Point and Cascades include a tennis court, two dry saunas, two hot tubs, three swimming pools, package lockers and a club house. Dominion amenities include a dog park, package receiving, fitness center with free weights, concierge and business center.
Backed by $5 billion in investment capital, JRK is one of the largest multi-family real estate owners in the U.S. with more than 30,000 units under management. JRK also announced it would begin a multi-million-dollar capital improvement program at its new Fresno portfolio to modernize common area amenities and unit interiors.
“Fresno has transformed from just an agricultural city to a much more diverse economy with its emergence as the medical and educational center of the San Joaquin Valley,” said James Bloomingdale, JRK senior vice president and head of acquisitions. “Fresno is now the 5th largest city in the state of California, and we think the combination of a long runway for economic growth and lack of new apartment construction bodes well for multifamily fundamentals.”
Mark Leary and Nate Oleson of ARA Newmark represented the seller in the transaction.