Pacific Urban, a multifamily investor based in Palo Alto, is growing its portfolio across the Bay Area. In a recent transaction that closed on May 3, the company acquired a 246-unit apartment complex in Fremont. According to The Mercury News, the company purchased the Pathfinder Village Apartments for $127 million, or roughly $516,260 per unit.
The property is located at 39800 Fremont Boulevard and was sold to Pacific Urban by Aimco Properties, a national investment company that acquired the property for an undisclosed amount in 2007.
According to Apartments.com, Pathfinder Village Apartments offers both two- and three- bedroom apartment units, ranging in size from 830 to 1,100 square feet.
The two-story apartment complex also offers several community amenities, including a swimming pool, fitness center and onsite laundry facilities.
Pathfinder Village Apartments is located in central Fremont in a primarily residential area, just west of Lake Elizabeth. The property is also within walking distance of retail amenities, with a Safeway-anchored shopping center immediately adjacent to the apartment complex.
The asset adds to Pacific Urban’s growing apartment portfolio across the United States. The company was founded in 1998 and has since invested more than $8 billion into its multifamily portfolio. In total, the company has invested in approximately 200 apartment communities and has provided housing for nearly 20,000 residents. As well as its headquarters in Palo Alto, the company also holds locations in Los Angeles, Seattle, Irvine, Denver, Manhattan and Washington D.C.
In 2021 alone, recent financial reports from the company show it participated in over $1.6 billion worth of transactions across its U.S. markets. This included the acquisition of 15 properties totaling 3,907 units as well as the disposition of eight multifamily assets totaling 511 units.