Berkadia Completes $82M Sale of Fresno Multifamily
Berkadia Institutional Solutions in Irvine, CA has announced the $82 million sale of Ascent Townhomes, a 248-unit multifamily property located in Fresno, CA. The buyer was a private California-based investor.
Berkadia Senior Director Mike Murphy and Associate Director Thomas Bender represented the seller, a JV between Artemis Real Estate Partners and The Bascom Group. “With a lack of high-quality rental product and nearly non-existent supply in a rapidly growing market, we recognized Fresno as an opportunity for market performance that many investors were overlooking,” said The Bascom Group’s Managing Director Jerry Fink.
“Ascent Townhomes is a unique and well-maintained asset with an already proven value-add strategy that the new owner plans to continue,” said Murphy in a news release. “The Fresno market has seen tremendous growth in recent years and new ownership will be able to continue renovations to take advantage of demand for luxury product.”
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.