CA Garden Community Changes Hands for $63M

Freemont, Calif.—The Bascom Group LLC has acquired Camden Village Apartments, a 192-unit garden-style apartment community in Fremont, Calif., for $63 million.

“Camden Village is an exceptionally well-located property in one of the top East Bay submarkets,” Chad Sanderson, Bascom’s senior principal, said. “This property offers tenants access to some of the best schools in the area, an incredible breadth of retail options, and proximity to many of the Bay Area’s top employers. Moreover, residents benefit from substantially lower rents, in Fremont, compared to many other Bay Area submarkets.”

Located at 38000 Camden Street, and originally constructed in 1966, the community consists of a mix of studios, one-, two-, and three-bedroom floor plans. Overall, it consists of 21 buildings, situated on 10.77 acres and the community has such a low density that it has an almost park like feel with walking trails, a dog park, a diversity of natural landscaping and units with oversized patios.

Common area amenities include two pools, a fitness center and clubhouse. Additionally, the property has five retail spaces located in an adjacent building.

According to Sanderson, Bascom plans to implement a modest renovation program to update the property interiors and modernize the look of the exteriors.

The acquisition marks Bascom’s 36th apartment purchase in the past 12 months.

Stanford Jones, Salvatore Saglimbeni, and Philip Saglimbeni with IPA were the brokers for the sale. Brian Eisendrath and Annie Rice with CBRE arranged the $44.7 million loan with CIT Bank N.A.