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San Francisco

Large-apartment Fremont complex asks nearly $500K per unit

At Parc 88, all the homes are close to 1K sf with rents significantly higher than the market average

Trion Properties' Max Sharkansky 4445 Stevenson Boulevard (Trion Properties, Google Maps)
Trion Properties' Max Sharkansky 4445 Stevenson Boulevard (Trion Properties, Google Maps)

A large-apartment multifamily property in Fremont is on the market with a list price of $42 million, or $477,000 per unit.

Parc 88 is located at 4445 Stevenson Boulevard and features 88 units. All the homes are close to 1,000 square feet. They have either two or three bedrooms, with rents that range from $2,945 to $3,400 a month.

The 90,000 square foot property is owned by Trion Properties, and Shivu Srinivasan from Transwestern Real Estate Services is the listing agent on the apartment complex.

With relatively affordable rents compared to nearby alternatives, the East Bay’s residential market has remained steady, as other markets, such as San Francisco and San Jose, have experienced much more fluctuation, according to a report by brokerage Marcus & Milichap. The average monthly rent in the East Bay rose to $2,662 per unit in the second quarter, an increase of 8 percent from a year earlier, with Parc 88 significantly higher than the market average.

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In-migration and moves from other Bay Area markets to a low-cost option explain the strong market, the report found. The rise in rents has not led to increased vacancy. The East Bay saw a vacancy rate of 2.5 in the second quarter, down from 4.1 percent the same time last year.

Parc 88’s asking price falls in the middle of a wide range for East Bay multifamily buildings. Earlier this month, Rockwood Capital paid $660,000 per unit for a 100-unit Walnut Creek property, which was the priciest per-unit sale this year. In January, Opportunity Housing Group and the California Statewide Communities Development Authority bought the 484-unit Wood Creek Apartments in Pleasanton Hill for $304 million, or $628,000 per unit.

Other East Bay deals failed to reach $500,000 per unit. The 208-unit Austin Commons complex in Hayward closed for $345,000 per unit in February. Novin Development acquired a Pleasant Hill building for $326,000 per unit with plans to provide affordable housing to residents. And a downtown Oakland apartment building fetched a little under $200,000 earlier this summer.

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Bay AreaEast BayFremontOakland A’s