(EDITOR’S NOTE: According to sources with knowledge of the transaction details, the property sold for $110,250,000. This sale included the 30,000 square foot retail space, which is within the property. Both were purchased by Clarion Partners. One of the retail tenants includes Orange Theory fitness.)
Transit-Oriented Apartment Development with Ground-Floor Retail Completed in 2017 Acquired by Institutional Investor
Danville and Fremont, CA (July 29, 2019) — Danville, CA-based developer Blake|Griggs Properties and its investment partner, JD Capital USA, announced today the sale of its Artist Walk apartment community across from the Fremont ACE train station in Fremont, CA, to Clarion Partners. Terms were undisclosed. Cushman & Wakefield arranged the transaction.
The fully-leased 185-unit apartment property is approximately 30 minutes by train from Silicon Valley employers and features amenities including a pedestrian-oriented public courtyard, water-feature fountain and a 1,900-square-foot private community room available to community groups for art exhibits and meeting space. Artist Walk also has a resort-style pool, clubhouse, in-unit washer/dryers, nine-foot ceilings and private balconies on select units. Artist Walk’s 30,000 square feet of commercial space is fully leased to a collection of restaurant, service and fitness tenants.
Lily Mei, Mayor of the City of Fremont, said “The Artist Walk project has been a catalyst for the revitalization of Fremont’s Centerville district and truly meets the City’s vision of adding transit-oriented, walkable urban living supported by fantastic retail amenities.”
“Artist Walk is a poster-child of smart transit-based development located a block from the Altamont Commuter Express (ACE) train going to Silicon Valley and just two miles from BART,” said Brad Blake, Managing Partner of Blake|Griggs Properties.
As the fourth largest city in the Bay Area, Fremont’s 220,000 population provides the Centerville neighborhood in which Artist Walk is located with a strong and active trade area with a highly educated residential base and strong employment across a number of industries.
“Artist Walk is a rare, well-designed mixed-use community of housing, walkable shops and restaurants with a new private street through the property named ‘Artist Walk Common’ with connectivity to landscaped plazas and Fremont Boulevard,” Blake added.
About JD Capital USA
Founded in 2014, JD Capital USA Holdings LLC (“JD”) is a privately held investment manager, with origin in Asia. JD primarily focuses on investment in rental apartment development across major metropolitan areas in the US, including New York City, Washington DC, Dallas, Chicago, Minneapolis, and San Francisco. Since 2015, the firm’s total investment consists of over 2000 apartment/hotel units and over 2.0 million square feet of apartment and retail space.
About Blake|Griggs Properties
Danville, CA-based Blake|Griggs Properties, Inc., is a private real estate investment, development and services company with a $1 billion current pipeline of new development projects. Its strategy is to acquire, develop, lease and manage high-density multifamily residential, mixed-use, and retail projects primarily located in “in-fill” markets along the West Coast, with a primary focus on the San Francisco Bay Area. Led by founders Brad Blake and Brad Griggs, Blake|Griggs is locally-responsive and sensitive to the communities and neighborhoods in which it operates. It studiously avoids formulaic methods, instead taking a hand-crafted, tailored approach to each project. For more information, visit us at www.blakegriggs.com.