San Francisco Bay Area Multifamily Community Sold by IPA
“The Bay Area continues to be one of the strongest rental markets in the country and opportunities to acquire well-located multifamily communities are rare,” says Stan Jones, IPA executive director. “Fremont Glen Apartments provides new ownership with a value-add upside opportunity in an area supported by tremendous employment fundamentals.”
Jones, along with IPA executive directors Phil Saglimbeni and Sal Saglimbeni, represented the seller, Acacia Capital. The buyer is Pacific Urban Residential.
“Consisting mostly of one-story, cottage-style residential buildings, the property is situated on a 13-plus-acre site with a low density of approximately 15 units per acre,” adds Phil Saglimbeni.
Built in 1973 at 889 Mowry Ave., the property is less than one mile from the Fremont BART station, and within walking distance of the 110-acre downtown Fremont redevelopment, which is expected to bring 500,000 square feet of commercial/retail space, 2.25 million square feet of office space, and 2.3 acres of park/open space. The 850-acre Warm Springs Innovation District, which is predicted to bring 20,000 new workers and 10 million square feet of new commercial space to the region by 2040, is within approximately seven miles of the apartment community.
Fremont Glen Apartments features 32 residential buildings. The one- and two-bedroom floor plans have an average size of approximately 784 square feet. There are 75 one-story cottage-style homes and 32 one-story apartment homes located over tuck-under parking. Community amenities include a fitness center, recreation room, resident lounge, resort-style swimming pool with furnished sundeck, and covered parking. Interiors feature formal dining areas, spacious private patios or balconies and washer/dryers.