Darius Assemi’s Granville Homes is selling 7 of its downtown Fresno properties
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- Darius Assemi’s Granville Homes listed downtown Fresno portfolio for sale on LoopNet.
- The portfolio comprises 191 homes across seven properties in the Mural District.
- The LoopNet flyer shows the portfolio could generate over $2.6 million income in a year.
Granville Homes, the residential development company led by developer Darius Assemi, listed its urban portfolio of downtown Fresno properties for sale Sunday on the commercial real estate website LoopNet.
The Assemi portfolio includes 191 homes in 61 buildings across seven properties — several of which are a visible part of downtown’s Mural District area. Some are assessed in the multimillion-dollar range, including The Lede at 1515 Van Ness Ave. (85 units) and 1612 Fulton (30 units).
Granville Homes did not respond to a request for comment Tuesday. Robin Kane, a listing agent handling the sale, told The Bee that Granville is selling because holding the properties have outlived their value to the developer.
“They’re a builder,” Kane, managing director for the commercial real estate advisory firm Northmarq, said of Granville Homes.
He said Granville in recent years has already sold multiple downtown assets and has been focused on other Fresno developments. The company has been working on new suburban neighborhoods throughout the city, including Parc West in west Fresno and Belterra off Shields Avenue in east Fresno.
Kane would not provide Granville’s asking price for its urban portfolio, which he described as “privileged information.”
Two properties in Granville’s downtown Fresno portfolio sold for millions
Granville Homes put its urban portfolio up for sale in 2016. At the time it included nine properties totalling 291 units.
Assemi said in 2016 he was getting ready to finish building in downtown’s Mural District. Assemi had said he wanted to help revitalize the neighborhood, though it turned out to be difficult to navigate for developers. He said then that, if the portfolio sold, “we will look at taking some of our resources and investing in other communities.”
In 2018, Granville sold the 46-home mixed-use Fulton Village community for an estimated $7.9 million. The company sold the 54-unit Brio on Broadway community in 2024 for over $10 million in a sale brokered by Northmarq.
The seven properties for sale now in the portfolio were all built between 2011-2019, according to its LoopNet listing. Some were built using public loans and include affordable units.
Besides The Lede and 1612 Fulton, the properties for sale in the Granville listing include:
- Van Ness Cottages, which consists of 20 town homes in the Lowell neighborhood north of downtown.
- Bungalow Court, an 8-unit community in a restored property first constructed more than 100 years ago.
- Crichton Place, which consists of 28 town larger town homes built in 2014.
- 1743 at Crichton, a 16-unit apartment complex across the street from Crichton Place.
- 1752 at Crichton, four apartments of 611 square feet in one building at the northern edge of Crichton Place.
A financial report included in the portfolio’s flyer shows it has the potential to generate more than $2.9 million in net operating income in a year.
