FRESNO, CALIF. — Marcus & Millichap has brokered the sales of two apartment communities located in Fresno. The properties — Boulder Springs and Meadowbrook Apartments – sold for a combined cost of $38.5 million.
Built in 1985 on 11.6 acres, Boulder Springs features 176 units, a fitness center, swimming pool, spa and basketball and tennis courts. The property, which is located at 3515 W. San Jose Ave., traded at $25 million, or $142,045 per unit.
Located at 4912 N. Seventh St., Meadowbrook Apartments was built in 1971 on a 309,960-square-foot lot. The 39-building asset features 39 two-bedroom/one-bath units and 65 two-bedroom/two-bath units. The price was $13.5 million.
Jon Mimms of Marcus & Millichap represented the undisclosed sellers and procured the undisclosed buyers in both transactions.