A Bay Area investor has bought a 246-unit apartment building in Fremont for $127 million.
An affiliate of Pacific Urban Investors, based in Palo Alto, bought the complex at 39800 Fremont Blvd., the San Jose Mercury News reported. The price comes out to $516,260 per unit.
The real estate investment firm obtained a $63.1 million loan from Berkeley Point Capital at the time of the transaction to help finance the purchase, Alameda County records show.
The seller of the complex, called Pathfinder Village, was not disclosed.
The complex offers apartments with private patios or balconies, with common amenities include a fitness center and a swimming pool.
The company has more than 200 residential complexes in its portfolio, including properties in California, Washington, Colorado, New York, Connecticut, New Jersey, Maryland and Virginia, providing housing for nearly 20,000 residents, according to its website.
Last year, Pacific Urban Investors bought 15 properties containing nearly 4,000 units. A merger with Hanover Real Estate Investors in early 2021 helped lead to $1.6 billion in overall transactions, with $7 billion in assets under management, according to a January announcement.
The company, formerly called Pacific Urban Residential, this year plans to spend $2.5 billion on apartment properties across the U.S., with increased investment in large cities in the Southeast and Southwest.
[San Jose Mercury News] – Dana Bartholomew