UNION CITY, Calif. – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Sora Apartments, a 250-unit multifamily asset in Union City, California. The property sold for $91.5 million ($366,000 per unit).
“Sora’s location near the Union City-Fremont border provides residents with convenient access to major employers, key transportation corridors and popular retail, dining and recreation options,” said IPA senior director Salvatore Saglimbeni. “The area’s relative affordability in contrast to much of the San Francisco Bay Area make it a popular destination for renters and employers. Both Facebook and Tesla are expanding into the neighboring Ardenwood district of Fremont.”
Salvatore Saglimbeni, Stanford Jones, IPA executive director, and Philip Saglimbeni, IPA senior director, represented the seller, Fairfield Greenhaven LLC.
Sora was built in 1983 on nearly 10 acres with a low-density garden-style setting. The property is near the Union Landing Shopping Center and proximate to major Bay Area job centers such as Silicon Valley, the Tri-Valley area—San Ramon, Pleasanton and Dublin—, the San Francisco Peninsula, Walnut Creek, Oakland and San Francisco. Commuters have access to employers throughout the Bay Area via interstates 880, 680, and 580, the Dumbarton Bridge, the San Mateo Bridge, and Bay Area Rapid Transit (BART).
With a network of senior-level investment advisors located throughout the United States, Institutional Property Advisors (IPA) is qualified to meet the needs of institutional and major private investors. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, superior support services and acclaimed research offer customized solutions for the acquisition and disposition of institutional properties and portfolios.