The Resmark Cos., a residential real estate investment manager, has completed the sale of a 168-unit purpose-built single-family rental community in Clovis, Calif. The sales price was $63 million.
The fully leased community, known as Parador, was developed by Resmark on behalf of one of its managed funds. It was completed and stabilized in 2020 with an average of 19 new leases per month, including during the height of the COVID-19 pandemic.
Mitchell Goodman, Resmark’s COO, noted there was robust and aggressive bidding for the community, reflecting intense investor interest in pursuing single-family rentals in growing suburban markets.
The townhomes, with an average unit size of close to 1,500 square feet, offer features typically found in for-sale single-family homes, such as individual entries, high-end interior finishes and appliances, direct-access garages, and large, private outdoor patios.
Located in the Central Valley’s safest city, Parador is su
