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GV Urban Portfolio - 191 Units 1612 Fulton St 191 Unit Apartment Building For Sale Fresno, CA 93721
Investment Highlights
- NEWER CONSTRUCTION BUILT BETWEEN 2011 and 2019
- AFFORDABLE HOUSING COMPONENT
- CUTTING EDGE DESIGN WITH STATE OF THE ARMENITIES
Executive Summary
NEWER CONSTRUCTION BUILT BETWEEN 2011 AND 2019
The Portfolio consists of seven properties totaling 191 Units. All are located within a few blocks of each other. Six properties were builtbetween 2011 and 2019. Bungalow Court (8 Units) is a historic preservation.
CUTTING EDGE DESIGN WITH STATE-OF-THE-ART AMENITIES
The Properties are designed to have a small cottage feel, craftsman style, or modern design. Van Ness Cottages, Bungalow Court, 1612 Fulton, and Crichton Place have all won multiple multifamily housing awards.
LOCATED IN FAST GROWING FRESNO URBAN CORE
The Portfolio offers a unique opportunity to acquire Class ‘A’ construction within Downtown Fresno’s revitalized Mural District and Lowell Neighborhood.
AFFORDABLE HOUSING COMPONENT
Four of the assets are subject to RDA Loan Agreements requiring 47 total Moderate Income (max 120% of AMI) affordable units. The analysis assumes 1.5% annual growth for these units.
FLEXIBLE INVESTMENT OPTIONS
The Portfolio provides an owner with multiple investment options.
• Hold long-term for cash flow purposes
• Diversify the portfolio and sell smaller assets, thus reducing the basis of the remaining portfolio
• Sell any of the six “condo-mapped” communities, either to a re-seller or individually. The following properties are condo mapped: 330
Van Ness, 1612 Fulton, and The Lede.
The Portfolio consists of seven properties totaling 191 Units. All are located within a few blocks of each other. Six properties were builtbetween 2011 and 2019. Bungalow Court (8 Units) is a historic preservation.
CUTTING EDGE DESIGN WITH STATE-OF-THE-ART AMENITIES
The Properties are designed to have a small cottage feel, craftsman style, or modern design. Van Ness Cottages, Bungalow Court, 1612 Fulton, and Crichton Place have all won multiple multifamily housing awards.
LOCATED IN FAST GROWING FRESNO URBAN CORE
The Portfolio offers a unique opportunity to acquire Class ‘A’ construction within Downtown Fresno’s revitalized Mural District and Lowell Neighborhood.
AFFORDABLE HOUSING COMPONENT
Four of the assets are subject to RDA Loan Agreements requiring 47 total Moderate Income (max 120% of AMI) affordable units. The analysis assumes 1.5% annual growth for these units.
FLEXIBLE INVESTMENT OPTIONS
The Portfolio provides an owner with multiple investment options.
• Hold long-term for cash flow purposes
• Diversify the portfolio and sell smaller assets, thus reducing the basis of the remaining portfolio
• Sell any of the six “condo-mapped” communities, either to a re-seller or individually. The following properties are condo mapped: 330
Van Ness, 1612 Fulton, and The Lede.
Property Facts
| Sale Type | Investment | Lot Size | 7.04 AC |
| No. Units | 191 | Building Size | 194,965 SF |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built/Renovated | 2011/2019 |
| Apartment Style | Garden | Parking Ratio | 0.15/1,000 SF |
| Building Class | B | Opportunity Zone |
Yes
|
| Zoning | C-4 | ||
| Sale Type | Investment |
| No. Units | 191 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | B |
| Lot Size | 7.04 AC |
| Building Size | 194,965 SF |
| No. Stories | 3 |
| Year Built/Renovated | 2011/2019 |
| Parking Ratio | 0.15/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | C-4 |
Amenities
- Smoke Detector
Unit Amenities
- Air Conditioning
- Balcony
- Cable Ready
- Dishwasher
- Disposal
- Washer/Dryer Hookup
- Heating
- Ceiling Fans
- Double Vanities
- Kitchen
- Granite Countertops
- High Speed Internet Access
- Oven
- Sprinkler System
- Stainless Steel Appliances
- Range
- Walk-In Closets
- Wi-Fi
- Deck
- Dining Room
- Double Pane Windows
- Loft Layout
- Wheelchair Accessible (Rooms)
Site Amenities
- Controlled Access
- Courtyard
- Car Charging Station
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 95 | $2,063 CAD | 645 - 789 |
| 2+1 | 7 | $1,814 CAD | 683 |
| Studios | 12 | $1,825 CAD | 525 |
| 2+2 | 9 | $2,865 CAD | 1,047 |
| 2+2.5 | 12 | $3,837 CAD | 1,613 |
| 2+3.5 | 9 | $3,888 CAD | 2,021 - 2,383 |
| 3+2.5 | 47 | $2,984 CAD | 1,400 - 1,423 |
Moderately walkable
60/100
Very drivable
80/100
Some public transit
40/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 466-144-16 | Improvements Assessment | $6,451,657 CAD |
| Land Assessment | $974,036 CAD | Total Assessment | $7,425,692 CAD |
Property Taxes
Parcel Number
466-144-16
Land Assessment
$974,036 CAD
Improvements Assessment
$6,451,657 CAD
Total Assessment
$7,425,692 CAD
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GV Urban Portfolio - 191 Units | 1612 Fulton St
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