Clarion Partners Sells California Asset
MG Properties acquired the Bay Area property.
San Diego-based MG Properties is expanding its Bay Area holdings with the acquisition of Artist Walk Apartments. The company purchased the 185-unit community in Fremont, Calif., from Clarion Partners for approximately $90 million.
The seller was represented by Jason Parr, Seth Siegel and Scott MacDonald of Cushman & Wakefield. Financing for the transaction was provided by Freddie Mac and arranged by CBRE Capital Markets’ Andrew Behrens, Jesse Weber and Stephen Baird.
Clarion Partners purchased the mixed-use property from Blake Hunt Ventures in July 2019 for approximately $110.3 million, or $595,946 per unit, according to Yardi Matrix data. The property was completed in 2017. Developers BVH CenterStreet Properties and JD Capital received a senior construction loan backing the project from finance and investment management firm PCCP in November 2015.
Located at 3888 Fremont Blvd. in the city’s Centerville District, Artist Walk has 30,000 square feet of ground floor retail space. The residential portion of the property is about 96.2 percent occupied. The 6.2-acre site has five three- and four-story buildings and offers one- and two-bedroom floorplans, ranging in size from 633 to 1,024 square feet, with an average of 850 square feet. Rents range from 2,763 to $3,683, with an average rental price of $3,282, according to Yardi Matrix data.
Apartment features include washer and dryers in all units, private balconies and nine-foot-high ceilings. Community amenities include a pool and spa, fitness center, clubhouse and business center. There are 375 parking spaces. The transit-oriented property is located within a quarter mile of three rail stations, including an ACE commuter rail and the Fremont BART stations. Silicon Valley, San Francisco and Oakland are all easily accessible.
Recent MG moves
MG Properties has made other acquisitions throughout the Western United States in recent months. In May, MG Properties purchased Artesia, a 192-unit multifamily community in the Seattle suburb of Everett, Wash., for $61.6 million from RISE Properties. The previous month, MG Properties acquired Ridge at Castle Rock Apartments, formerly known as Springs at Castle Rock, from Continental Properties for $67.1 million. The 204-unit garden-style community is located between Denver and Colorado Springs.
In January, MG Properties expanded its Nevada holdings with the acquisition of Tribeca North Apartment Homes, a 312-unit luxury multifamily community in North Las Vegas, for $81 million. The property is about 8 miles north of downtown Las Vegas and 12 miles from the Las Vegas Strip.