Northmarq brokers sale of two California multifamily communities for a total of $61.62M

FRESNO, Calif. — Northmarq’s Fresno Investment Sales team led by Robin Kane and Brendan Kane brokered the $28.25 million sale of The Grove, a 142-unit multifamily community in Bakersfield, California and $33.37 million sale of Cottonwood Grove, 150-unit garden apartments in Clovis, California.

Northmarq represented the buyers, Grove Fruitvale LLC (The Grove) and Cottonwood Grove, LLC (Cottonwood), both family offices. The seller was a Central Valley sponsor.

“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,” said Robin Kane.

Built in 1997, The Grove is located at 4801 N. Fruitvale Ave. in Bakersfield and offers spacious one-, two- and three-bedroom apartment homes. Residents enjoy a variety of modern amenities, including a resort-style pool, state-of-the-art fitness center and a hydrotherapy spa.  

Cottonwood Grove is situated at 732 N. Clovis Ave. in Clovis and features one-, two- and three-bedroom units. Apartment homes boast in-unit washer/dryers, walk-in closets and private balconies/patios. Community amenities include swimming pool with a sundeck, fitness center, clubhouse and more.