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The Colony

City of Fresno

THE OPPORTUNITY

 

The Colony is a rare opportunity to develop 90 new apartments in a market dominated by 1970’s and 1980’s vintage apartment stock with average vacancy at a very low 2.4% over the last three years. The market is starving for new construction and locations of convenience garner premium rents. This supply-constrained market remains strong with the annualized rent growth averaging 2.7% for the last three years.

 

Within walking distance to Cal State Fresno and Fashion Fair Mall,  the Colony is well-situated for private off-campus housing targeting college students in the greater Fresno area. While local student-targeted communities generate a premium in rents, the current approvals provide a developer with the flexibility to build traditional market-rate multifamily.

 

PROPERTY HIGHLIGHTS

 

  • Rare new construction in a market dominated by 70’s and 80’s walk-up product.

                           

  • Three-story garden-style community severed with two elevators per building.

       

  • Conveniently located within walking distance to Cal State Fresno

   

  • A strong correlation exists between higher rents and proximity to the university

                 

  • All market-rate units targeting students seeking off-campus housing near the university

                                   

                                 

EXCLUSIVELY LISTED BY:

PROJECT DESCRIPTION

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Les Whittlesey

DIR (949) 789-4555 x 14

les.w@wdland.com

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Sal Provenza

DIR (949) 275-6441 x 19

sprovenza@wdland.com

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Curt Crandall

MOB (949) 275-6441

ccrandall@wdland.com

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