Greystone Real Estate Advisors announced that it led the $6,150,000 acquisition of Millbrook Country Club Apartments in Fresno, CA. Rob Shiels and David O’Neal, Directors at Greystone Real Estate Advisors, advised a California-based private investor in the transaction.
Millbrook Country Club Apartments is a 150-unit, two-story garden style community with gated access built in 1968. The property consists of studio, one- and two-bedroom units and numerous amenities including a pool, a basketball court, outdoor barbeques and laundry facilities. Millbrook is situated just minutes away from downtown Fresno and nearby shopping malls, museums, theaters and musical events.
“As an investor that has been actively acquiring in the Fresno market over the last couple of years, our client immediately recognized the value in the opportunity we brought forth as one that would be a fantastic addition to his portfolio,” said Rob Shiels, a Director of Greystone Real Estate Advisors.
David O’Neil – also a Director of Greystone Real Estate Advisors – added, “This asset is an ideal candidate for strategic repositioning of the investor’s portfolio, which will allow for the capture of increased cash flow in a relatively short timeframe. Through implementing a value-add strategy of common area improvements, interior unit renovations and maximizing operating efficiencies, the property will have a breath of new life moving forward.”