The Canyon Del Sol Apartments in central Fresno has been sold for $5.5 million.
A southern California investor bought the 124-unit complex on North Cedar Avenue, near McKinley Avenue, said Robin Kane of Berkadia Real Estate Advisors in Fresno who represented the buyer and the seller.
Trion Properties, a real estate investment company from Los Angeles was the seller. The sale closed in February, Trion announced on Tuesday.
The company bought the complex in August 2012 for $3.26 million when it was 50% vacant and in need of renovations to common areas and apartments. The 35-year-old complex underwent a $650,000 facelift and occupancy increased to 93%, the company said.
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“The sale of Canyon Del Sol proves our ability to transform a deteriorating asset into a thriving community,” said Max Sharkansky, Trion’s managing principal. “Trion Properties’ over-arching goal is to create value for both our investors and residents.”