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.
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.
“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.”