Maroa Park Apartments, a 248-unit multifamily community in Fresno, has sold for $44 million in its first change of ownership since the property was built in 1986. The community, located at 475-585 W. Sierra Ave., was sold by JBT Property Management to a private buyer.
The Mogharebi Group (TMG) represented JBT Property Management in the transaction. TMG’s team of executive vice president Otto Ozen, senior vice president Brian Nakamura and SVP Nazli Santana led the assignment on behalf of the seller, according to the firm.
The property had been held by its original ownership since delivery, making this the first time it was brought to market. TMG characterized the offering as a rare opportunity to acquire a well-maintained, large-scale multifamily asset directly from long-term original ownership.
Commenting on the transaction, Nakamura noted that the community’s sizable unit count in a supply-constrained market provides the buyer with immediate scale in the region. He added that the acquisition is expected to support stronger operational alignment and improved management efficiency for the buyer’s existing portfolio in the area.
According to TMG, Maroa Park Apartments is positioned to generate immediate income upside through operational efficiencies rather than requiring significant new capital investment. The firm indicated that this upside is supported by what it describes as strong in-place market fundamentals and relative affordability at the property.
The asset also benefits from a strategic Central Valley location, which TMG said continues to support long-term population and employment growth. This broader regional context underpins the investment thesis for the buyer, alongside the property’s scale and condition.
While detailed business plans for the new ownership were not disclosed, TMG emphasized that the buyer’s regional presence will be enhanced by the acquisition of a large, well-maintained community in a market with constrained supply. No additional financial metrics beyond the $44 million sale price were reported.
