Big Fremont apartment complicated lands customer that sees housing energy

FREMONT — A huge condominium intricate in Fremont has been acquired for much more than $100 million by a area serious estate business that sees strength beginning to return to the economic climate and housing market place in the Bay Location.

The Rexford Apartments in Fremont has been acquired by an affiliate managed by Essex Home Trust, according to documents submitted on Nov. 16 with the Alameda County Recorder’s Business office.

The Essex affiliate, Essex Rexford, compensated $112.5 million for The Rexford Residences, a intricate positioned at 3400 Country Generate, county assessment and house information clearly show.

The Rexford Flats is a 204-unit community that opened in 1972, according to the web site. The household complex is found in the vicinity of the corner of Fremont Boulevard and Mowry Avenue in Fremont’s Centerville District.

Accumulating parts and pool at The Rexford Flats, a 204-unit household complicated at 3400 State Push in Fremont. ( Google Maps )

The vendor in the offer was Rexford/Woodstream Condominium Homes, an affiliate that is managed by the Bryan Rezalow and Cristina Agra-Hughes relatives trusts, which are based mostly in the Los Angeles County city of Calabasas.

Essex Home Have confidence in bought the Fremont apartment complicated in an all-cash offer, the county documents present.

“Our pet-helpful neighborhood incorporates entry features that include a two-tale community clubhouse and lounge with workstations and enjoyment areas, a health center with cardio and excess weight machines and two swimming swimming pools with bordering BBQ and picnic spots,” a publish on The Rexford’s web page states.

San Mateo-primarily based Essex completed the Fremont apartment buy at a time when the authentic estate giant sees progressively strengthening circumstances in the company’s assets markets on the West Coastline, which contain the Bay Region and California.

“Apartment values throughout our marketplaces are up close to 15% on normal in comparison to pre-COVID valuations,” Michael Schall, Essex Residence Trust’s chief govt officer, explained on Oct. 27 throughout a conference phone with analysts to focus on the company’s 3rd-quarter monetary outcomes.

Having said that, the Bay Area and Northern California continue to keep on being weaker than other Essex assets markets, which are principally on the West Coastline.

“Many large tech providers in our markets have delayed their workplace reopenings as a outcome of the Delta variant this tumble, which we feel is the most important element in the sluggish restoration of Northern California when compared to other Essex markets,” Schall said during the meeting contact.