Acacia Capital buys 275-unit apartment complex in Fremont for $126M

Acacia Capital has purchased a 275-unit apartment complex in Downtown Fremont for $126 million.

An affiliate of the San Mateo-based investor led by Robert Leupold bought The Beacon, a five-story complex at 3510 Beacon Avenue, SiliconValley.com reported. The seller was Fore Property, based in Las Vegas, which developed the 2.8-acre property two years ago.

The price of the complex near Walnut Avenue and Liberty Street works out to $458,182 per unit.

As part of the deal, the Acacia Capital affiliate landed a $69.3 million loan from CBRE Multifamily Capital, according to SiliconValley.com, citing public records.

The white and gray complex, wrapped around a parking garage, includes 59 studios, 125 one-bedroom and 91 two-bedroom apartments, according to Fore. 

The complex, completed in 2022, features a resort-style pool and spa, a fitness center, community room with kitchen, a business center, conference rooms, four courtyards and a rooftop deck with barbecue grills and fire pits.

The building has 11 penthouse units with private patios.

Rents range from $2,600 for a studio to up to $4,599 for a two-bedroom apartment, according to Zillow.

Acacia paid 5 percent below its $132.7 million value, as assessed in January by the Alameda County Assessor’s Office, according to SiliconValley.com.

Acacia Capital, founded in 1992 by Robert Larson, has spent more than $5 billion to acquire nearly 30,000 apartment units and 42,000 single-family home lots, according to its website.

In November, the investor bought a 124-unit apartment complex in Sunnyvale for $62.25 million, or $502,000 per unit.

— Dana Bartholomew

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