The Bascom Group in partnership with Artemis Real Estate Partners has acquired Phoenix Townhomes, a 248-unit condominium-style apartment community in Fresno, Calif.
Phoenix Townhomes was constructed in 2004 and is located at 5355 North Valentine Ave. Bascom purchased Phoenix Townhomes for $35 million, or $141,129 per unit.
“The tremendous value-add potential, exceptionally large floorplans and unique two- and three-bedroom units offered at Phoenix Townhomes separate it from other rental properties in the area,” said Lee Nguyen, senior vice president of portfolio operations. “This submarket has seen very little new construction of multifamily communities over the past several years, despite the strong demographic fundamentals. We see this purchase as a great opportunity to complete some best-in-class improvements to the property, while still offering our residents an attractive and affordable place to live.”
Phoenix Townhomes is conveniently located in the desirable Northern Fresno submarket, situated near the highly trafficked West Shaw Ave., as well as numerous retail and entertainment attractions, including River Park Shopping Center and the Fresno Chaffee Zoo.
Located only six miles northeast of downtown Fresno and within minutes of State Highways 99, 41, 180 and Fresno State University, Phoenix Townhomes provides residents convenient access to shopping, dining, entertainment, education and major employment centers throughout Fresno county. Fresno is home to some of the largest employers within California’s central valley, including the Internal Revenue Service; Saint Agnes Medical Center; California State University, Fresno; and Kaiser Permanente.
Since 1996, Bascom and its affiliates have acquired 331 multifamily properties throughout the United States, totaling more than 85,000 units. More than $100 million of those acquisitions have been in Fresno, totaling over 2,100 units. In the past 12 months, Bascom has completed more than $1.5 billion in multifamily transactions throughout the United States.
