The Sierra Ridge Apartments, a 180-unit complex, in Clovis has sold to a local investor for $18.3 million.
The seller was Sun Valley Pacific (Clovis) LLC of Tokyo, Japan, according to Berkadia, a commercial real estate company with an office in Fresno. Robin Kane, senior vice president, and Gordon Larkin, senior associates, negotiated the sale in February.
The apartment complex was built in 1991 at 100 Fowler Avenue, just south of Tollhouse Road. The development has one-, two-, and three-bedroom floor plans with full kitchens, fireplaces, vaulted ceilings, washer and dryer hookups and garages.
Community areas include a swimming pool, spa, fitness center, playground and controlled-access gates.
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“The multifamily market,” Kane said “is surging right now in California, which we believe will continue for the remainder of 2015.”