Robust and aggressive bidding for the community.
LOS ANGELES (PRWEB) July 16, 2021
The Resmark Companies, a leading residential real estate investment manager, has completed the sale of a 168-unit purpose-built single-family rental community in Clovis, California.
The fully leased community, known as Parador, was developed by Resmark on behalf of one of its managed funds. It was completed and stabilized in 2020 with an average of 19 new leases per month, including during the height of the COVID-19 pandemic.
Mitchell Goodman, Resmark’s Chief Operating Officer, noted that there was robust and aggressive bidding for the community, reflecting intense investor interest in pursuing single-family rentals in growing suburban markets.
The townhomes, with an average unit size of close to 1,500 square feet, offer features typically found in for-sale single-family homes such as individual entries, high-end interior finishes and appliances, direct-access garages and large, private outdoor patios.
Located in the Central Valley’s safest city, Parador is surrounded by high-quality employment centers, award-winning schools and desirable retail.
“Parador exemplifies the intersection of Resmark’s core expertise–investment in single-family for-sale and multifamily development,” said Ziv Cohen, Resmark’s Chief Investment Officer. “Over the past two decades, we have invested in the development of over 85,000 single-family and multifamily units across more than 250 investments, totaling more than $10 billion in value. Our longstanding relationships with many of the country’s best homebuilders and property managers allow us to select from among the most attractive investment opportunities.”
“The global financial crisis, Covid-19, powerful demographic shifts, and significant investor appetite have created attractive development opportunities in purpose-built single family rental communities,” Cohen added, noting that with cap rates for these assets low and trending lower, it is an ideal time to develop these communities.
Remark has invested in the development of more than 1,000 purpose-built single-family rental homes. It currently has a pipeline of more than 20 prospective projects comprised of over 5,000 units.
The firm targets suburban extensions of established and growth markets that have convenient access to regional employment centers with jobs in high-paying industries. Close proximity to retail, dining and recreation in these markets is also a top priority, as is school quality as many families with children are relocating to these areas.
The move to suburban housing has been accelerated by the COVID-19 pandemic, with many individuals turning to single-family rentals as home prices in most job-growing markets have escalated. In addition to offering a single-family home lifestyle with space for home offices and private yards, suburban rental communities like Parador often provide professional management superior to stand-alone rental homes.
The property is located at: 310 N Amedeo Ln, Clovis, CA 93611
About The Resmark Companies
Founded in 1995, Resmark is a residential real estate investment manager that finances, acquires, develops and manages real estate in California, the Western United States, Texas, the D.C./Mid-Atlantic region, and other select major metropolitan markets nationwide. To date, Resmark has participated in more than 250 investments encompassing over 85,000 single-family and multifamily residential units. Headquartered in Los Angeles, Resmark also maintains offices in San Diego and Irvine, California, and Washington, D.C. For additional information, please visit http://www.Resmark.com
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