Fresno Apartments Fetch $44M in First-Ever Sale
The Mogharebi Group (TMG) represented JBT Property Management in the sale of Maroa Park Apartments, a 248-unit multifamily community located at 475-585 W. Sierra Ave. in Fresno, to a private buyer for $44 million. TMG’s team of EVP Otto Ozen, SVP Brian Nakamura and Svp Nazli Santana represented the seller.
“As a first-time-on-the-market property since its construction in 1986, the asset offered a rare opportunity to acquire a well-maintained, large-scale property directly from original ownership,” said Nakamura. “With its substantial unit count in a supply‑constrained market, the property immediately enhances the buyer’s regional presence—supporting stronger operational alignment, improved management efficiency, and meaningful performance gains, all without requiring significant capital investment.”
Maroa Park Apartments benefits from immediate income upside through operational efficiencies while benefiting from strong in-place market fundamentals, relative affordability, and a strategic Central Valley location that continues to support long-term population and employment growth, according to TMG
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National City Investment Group Commences Workforce Housing Build
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout