Benedict Canyon Equities Buys Value-Add East Bay Apartments

An apartment complex in Fremont is headed for the value-add treatment after it traded hands recently.

Benedict Canyon Equities purchased the 134-unit Vue Fremont apartment complex at 37200 Sequoia Terrace for about $50 million, the San Francisco Business Times reported. The seller was Pacific Urban Investors, a multifamily real estate owner, investor and operator that had owned the property since 2012.

The purchase works out to about $373,134 per unit. The property was valued at $14 million in July by the Alameda County Assessor.

Los Angeles-based Benedict Canyon moved in on the property due to its location and accelerating rents in the East Bay market.

Vue Fremont will undergo renovations under Benedict Canyon’s stewardship, including an expansion of the pool area, landscaping and exterior paint. The buyer plans to hold the property for five years, aligning with its ongoing acquisition strategy, said Greg Campbell, the firm’s chief investment officer.

Benedict Canyon Equities previously purchased the 108-unit Hayden at Martinez apartments in Martinez. It also owns properties in the Sacramento area, including the Fairmont Apartments in Woodland, which it bought last December for $41 million.

The acquisition of the Vue Fremont complex marks Benedict Canyon’s first foray into the East Bay, with more acquisitions in the East Bay and South Bay planned for next year.

The multifamily property is the latest to trade hands in Fremont.

In July, the Metro Fremont apartments at 4444 Hansen Avenue sold for $33 million. Transactions last year included Harbert Management’s purchase of the 122-unit Fremont City Center Apartments at 39867 Fremont Boulevard for $35.8 million and Acacia Capital’s buy of the 275-unit The Beacon complex at 3510 Beacon Avenue, as well as MG Properties’ purchase of the 185-unit Artist Walk Apartments at 3888 Artist Walk Commons for $85 million the year prior.

— Chris Malone Méndez