By Jeff Hamann
Marcus & Millichap sold the 72-unit Arbordale Gardens Apartments in Fremont, Calif. for $27.8 million. The sale price equates to more than $385,000 per unit. The seller, local investor Siuling Kong, acquired the property in October 2004 for $8.7 million, according to Yardi Matrix.
Located at 42010 Blacow Road, the property sits on 3 acres within two miles of interstates 680 and 880. Built in 1968, the apartment community’s seven buildings contain a total of 46,336 square feet of living space and were renovated by the previous owner. Amenities include a swimming pool, covered parking and private storage space. The property is adjacent to two bus routes and to a number of shops and restaurants.
“Arbordale Gardens has received significant recent exterior upgrades, and new ownership is in an excellent position to further enhance the property’s value through continued improvements,” said Robert Johnston, senior managing director of investments at Marcus & Millichap’s Palo Alto office, in prepared remarks.
The threefold increase in the property’s value over the last 13 years follows growing rental demand in the Bay Area, alongside complementary growth in employment and falling vacancy rates.
Marcus & Millichap’s Adam Levin and Robert Johnston represented the seller and secured the buyer, another local investor, in the transaction.
Image courtesy of Marcus & Millichap