Northmarq’s Fresno Investment Sales team, led by Robin and Brendan Kane, recently completed two major multifamily property transactions in California’s Central Valley. The deals involved the sale of The Grove, a 142-unit apartment complex in Bakersfield for $28.25 million, and Cottonwood Grove, a 150-unit property in Clovis that sold for $33.37 million. Together, the sales totaled more than $61 million.
Robin Kane noted that both buyers approached the team independently to represent them during what he described as complicated transactions due to California Housing Finance Agency (CalHFA) loan assumptions. “Both buyers independently sought us out to represent them knowing we could bring a combination of expertise and a focus of professional representation of their interest in what were very complicated transactions involving CalHFA assumptions,” Robin said.
The buyers were family offices, with one based in the Fresno area and the other from Arizona and Southern California. “They came to us independently, which was really strange,” Robin said. “They engaged us to represent them. We wrote the offer, and both deals closed within two weeks of each other.”
He also explained that both properties are subject to restrictions set by CalHFA agreements, which require certain rent levels and income qualifications for residents.
Brendan Kane highlighted changes in real estate practices regarding buyer representation. “Having a buyer’s agent is really a growing trend,” he said. “Now a buyer has to sign a separate agreement with an agent if they want representation.”
The Grove offers one-, two-, and three-bedroom apartments with amenities such as a pool, fitness center, and hydrotherapy spa.
