At a glance
- The per-unit price is about 65% above the average East Bay apartment sale price of roughly $270,000, according to Marcus & Millichap data cited by Mercury News.
- For allocators with Bay Area apartment exposure, the sale supplies a 246-unit Fremont comp at $444,500 per unit, 65% above the East Bay average, for benchmarking similar suburban assets.
- The Mercury News report did not include rents, occupancy or cap rate, so the income case behind the premium must be tested against a rent roll rather than read off the sale price.
Roxborough Group bought the 246-unit Bidwell Park apartments at 39800 Fremont Boulevard in Fremont for $109.4 million, or $444,500 a unit, from Pacific Urban Investors, Mercury News reported.
The per-unit price is about 65% above the average East Bay apartment sale price of roughly $270,000, according to Marcus & Millichap data cited by Mercury News.
For allocators with Bay Area apartment exposure, the sale supplies a 246-unit Fremont comp at $444,500 per unit, 65% above the East Bay average, for benchmarking similar suburban assets.
The Mercury News report did not include rents, occupancy or cap rate, so the income case behind the premium must be tested against a rent roll rather than read off the sale price.
Reported by the Deals desk from The Real Deal and Mercury News (cited by The Real Deal). Published . Corrections