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Maroa Park Apartments in Fresno sell for $44 million
The 248-unit multifamily property at 475-585 W. Sierra Ave. changed hands in its first-ever sale since construction in 1986, according to ConnectCRE.
Mogharebi Group, also known as TMG, represented JBT Property Management in the sale of Maroa Park Apartments, a 248-unit multifamily community in Fresno.
The buyer is described as a private investor, and the transaction price was $44 million, marking what ConnectCRE called the first time the asset has been sold since it was built in 1986.
In the sale process, TMG said EVP Otto Ozen, SVP Brian Nakamura, and SVP Nazli Santana represented the seller.
TMG noted that the property’s large unit count in a supply-constrained market would help the buyer expand its regional presence and support operational and performance gains without significant capital investment, according to ConnectCRE.