Harbert Management has bought a 122-unit apartment complex in Fremont for $35.8 million.
An affiliate of the Alabama-based investor led by Raymond Harbert purchased the two-building Fremont City Center Apartments at 39867 Fremont Boulevard, the San Jose Mercury News reported, citing public documents.
The seller was undisclosed. The price works out to $293,443 per unit.
At the time of purchase, the Harbert Management affiliate obtained $23.9 million in financing from Wells Fargo Bank, county records show.
The two-story apartment complex was built in 1969 at Fremont and Bidwell Drive, southwest of the city’s Central Park.
The apartments, renamed Mosaic Fremont by its buyer, includes one-, two- and three-bedroom units around a pool, bocce ball court, fitness center and five courtyards.
“Mosaic Fremont is a full repositioning opportunity,” Harbert stated on its website, although the investment firm didn’t elaborate on its strategy.
Harbert Management, an alternative investment management firm founded in 1993, runs several investment funds and buys apartments, office buildings and shopping centers, often in tandem with other investors, according to its website. It has $7.8 billion in assets under management.
— Dana Bartholomew
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