MG Properties spends $85M for 185-unit apartment complex in Fremont
Price for six-year-old artists’ complex comes out to $485K per unit
MG Properties has picked up a 185-unit apartment complex in Fremont for $85 million.
The San Diego-based investor bought the Artists Walk Apartments at 3888 Artist Walk Common in Centerville, the San Jose Mercury News reported. The seller was undisclosed.
The price came out to $485,000 per unit.
The four-story complex, built in 2017 south of Alameda Creek and Quarry Lakes Regional Recreation Area, contains one- and two-bedroom apartments and includes a luxury pool, fitness center, a dedicated art gallery and event space.
Each apartment contains a gourmet kitchen with pantry, custom wood cabinets and quartz counters, in-home laundry rooms, 9- and 12-foot ceilings and private patios and balconies, according to the Artists Walk website.
The slate blue, sage and white apartments also include an unspecified number of ground-floor shops and restaurants.
Rents range from $3,031 to $4,709 a month, according to Greystar.
MG Properties, founded by Mark Gleiberman in 1992, manages more than 27,000 apartments in 95 complexes in California, Arizona, Nevada, Colorado, Washington and Oregon, according to its website.
— Dana Bartholomew