Source: The Business Journal
The Sierra Ridge Apartments, a multifamily property in Clovis, has been sold for $18.3 million.
Berkadia, a joint venture of Berkshire Hathaway and Leucadia National Corporation, negotiated the deal, which closed on Feb. 24.
Berkadia provides investment sales advisory and research services for multifamily and commercial properties.
The sale price reflects a per-unit cost of $101,667 — or $120 per square foot.
Located at 100 Fowler Ave., Sierra Ridge is a 180-unit property built in 1991 and offers one-, two-, and three-bedroom floor plans.
Berkadia’s Senior Vice President Robin C. Kane identified the buyer as a local investor and the seller as Sun Valley Pacific LLC of Tokyo, Japan.
“The multifamily market is surging right now in California, which we believe will continue for the remainder of 2015,” Kane said.
URL to original article: http://www.thebusinessjournal.com/news/real-estate/16529-sierra-ridge-apartments-in-clovis-sold-for-18-3-million
For further information on Fresno Real Estate check: http://www.londonproperties.com
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