Silver Lake Apartments, a 252-unit complex, in southeast Fresno has been sold to a Beverly Hills company.
East Belmont Avenue Apartments, LLC, of Irvine, sold the apartment community on Belmont Avenue, near Clovis Avenue, to Omninet Silver Lake LP for an undisclosed amount, the Fresno office of Hendricks-Berkadia reported late Monday afternoon.
“This transaction represents the largest multi-family sale in Fresno County since 2010,” said Robin Kane, senior vice president for Hendricks. “It serves as further evidence of the desirable conditions found in the Central Valley – limited new construction, low vacancy, steady rent increases and lower per-unit prices – especially when compared with overheated core markets.”
Kane and Gordon J. Larkin of Hendricks negotiated the sale.
Silver Lake is a two-story apartment complex built in 1985 with two- to three-bedroom floor plans.