Over the last few years, the city of Fremont has been able to capture its fair share of developer interest. The East Bay city has been working hard to position itself as an innovation hub in the region attracting companies traditionally located in the heart of Silicon Valley, while at the same time working hard to develop a sense of place with plans for a new downtown and housing fit for many generations. All those efforts are starting to bear fruit.
This week, a Southern California private equity firm specializing in multifamily and commercial properties acquired the 192-unit Camden Village Apartments in Fremont for $63 million, or approximately $328,000 per unit. The complex, which is located at 38000 Camden Street, sits on site that is 10.77 acres large.
Chad Sanderson, senior principal of Bascom, said in a statement, “Camden Village is an exceptionally well-located property in one of the top East Bay submarkets. This property offers tenants access to some of the best schools in the area, an incredible breadth of retail options, and proximity to many of the Bay Area’s top employers. Moreover, residents benefit from substantially lower rents, in Fremont, compared to many other Bay Area submarkets.”
The property was built in 1966, and it is comprised of 21 buildings featuring studio, one, two and three bedroom apartments. The one and two bedroom units are nearly 90 percent of all the units, with a small percentage comprised of studios and three bedroom apartments. The complex features open areas, two pools, a fitness center and a club house. There are also five retail spaces within the complex.
Lee Nguyen, senior vice president of Bascom, added, “The property consists of a mix of one-, two-, and three-bedroom floorplans which appeal to both young professionals and families. Camden Village has such a low density that it has an almost park like feel with walking trails, a dog park, a diversity of natural landscaping and units with oversized patios.”
Bascom has plans to refresh the property by renovating interiors modernizing the exterior of the buildings.
This is Bascom’s 36th acquisition in the last year alone. The brokers on the sale were Stanford Jones, Salvatore Saglimbeni and Philip Saglimbeni from Institutional Property Advisors. CBRE’s Brian Eisendrath and Annie Rice procured a $44.7 million acquisition loan from CIT Bank.