Southern California buyer acquires luxury community in Clovis, Calif
“This project was awarded 2019 New Development of the Year when it was built and offers this investor a terrific opportunity to own a very high quality community within a dynamically growing city of Clovis,” says Brad Cooke with the national multifamily sales team of Colliers. Brad Cooke, Chris Roach, Matt Roach and John Smeck, based in Phoenix, worked in conjunction with Jack Messina and Shane Richardson of Colliers’ Central California multifamily sales team in handling the sale transaction.
The San Clemente-based buyer purchased the property from Tempranillo, LLC of Modesto, CA. The property was 100 percent leased at closing.
“We love this asset. It’s beautiful, fully occupied and in an ideal location. We think it fits nicely into our multifamily strategy,” said Randall Wood, VP Acquisitions, Sun Pacific Properties.
Tempranillo Apartment Homes was constructed in 2019, and features thoughtfully appointed units with well-tailored amenities in a lush living environment. The community features one-, two, and three-bedroom units, averaging 1,194 square feet in size. The 64-unit complex sits on 4.23 acres of land and totals 76,432 square feet of space.
The Mediterranean-style community offers a stunning outdoor entertainment area, a BBQ courtyard, fire pit and shaded patio dining. The community also features a 24-hour fitness center, with children’s play area, resort-style pool with on-site showers and luxurious lounge area. The units provide condo quality design and features, such as private patios and balconies, walk-in closets, quartz counter tops and stainless steel appliances.
Tempranillo Apartment Homes is situated within the highly desirable Clovis Unified School District, close to Fresno State University and the abundance of shopping and restaurants of nearby Fresno. The property is adjacent to Copper River Ranch Master Planned Community—part of the highly-anticipated 700-acre Copper River Ranch Master Planned Lifestyle Community. That project is slated to include 250,000 square feet of commercial retail and mid-rise offices, where the average home value is estimated to exceed $850,000.
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