New Apartment Venture Acquires 62 Units

FREMONT, CA-The 62-unit Central Crest Apartments here has been sold by a private partnership for $6.1 million. The buyer is Bascom NorthWest Ventures LLC, a San Francisco-based affiliate of the Bascom Group that says it plans to acquire $300 million worth of apartment communities in Northern California, Oregon and Washington over the next three years.

Fremont currently ranks as the fourth largest city in the bay area, with a population of over 209,000. The city also boasts one of the highest household incomes in the region, with an annual income of $107,000.

The Central Crest Apartments, located near Interstate 880 at 4401 Central Ave., consists of five two-story garden-style buildings built in 1964. Bascom NorthWest says an “extensive” renovation is planned for both the individual units and the common areas to help it better compete with new development.