Bay Area Apartment Community Sells for $82M
The Union Flats is 94 percent occupied.
A joint venture between Roxborough Group LLC and Camden Pacific Partners LCC completed the $81.6 million purchase of The Union Flats, a 243-unit apartment community located in Union City, Calif. According to Yardi Matrix, the property was previously owned by Cityview.
Sares-Regis Group will manage The Union Flats property on behalf of the new owners. Eastdil Secured represented the seller and arranged the acquisition of the property.
The purchase is Roxborough’s first in Northern California through Roxborough Fund III, L.P. a $518 million discretionary fund that closed in 2021.
Completed in 2018 and residing on 2.5 acres at 34588 11th St., The Union Flats is a mid-rise, four-story building with floor plans including junior one-bedroom, one-bedroom and two-bedroom units ranging from 574 to 1,002 square feet in size. Rents start at $2,557.
Renters have access to amenities including an outdoor pool and spa, as well as a gym and lounge. The building was constructed with sustainability in mind; electric car chargers are installed in the on-site parking garage and a solar hot-water heating system is on the roof.
Bay Area benefits
The Union Flats is currently 94.1 percent occupied, according Yardi Matrix data. The community is set to benefit from the high demand of transit-adjacent properties in the Bay Area, as there is no new apartment construction underway in Union City itself. There likely won’t be for some time either, as development in the area remains expensive.
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The Union Flats is located across the street from the Union City BART station, with nearby stops in Fremont, North San José and Oakland. San José proper is 18 miles to the Southeast, and San Francisco is located 33 miles to the northwest.
Nearby in San Jose, Post Real Estate Group and Affordable Access purchased a 287-units of affordable housing.
