FREMONT, CA—Atlanta-based broker ARA has sold Carriage House, a 123-unit apartment community located here. This acquisition rehabilitation opportunity sold for just over $36 million or $293,089 per unit and $322 per square foot.
The ARA Pacific team, led by San Francisco-based principal, Craig Chiappone, served as the exclusive advisor on this private transaction representing both the seller and buyer.
Rents at recently renovated properties in the immediate competitive set have consistently achieved measurable premiums over non-renovated units at Carriage House, lending strong support for the implementation of renovations by the new owner. The much higher rents being achieved in nearby cities of San Jose and the South Bay, further support this strategy. Carriage House is located just steps away from local shopping and employment centers, with easy access to coveted hi-tech jobs in nearby Silicon Valley. This combination of the value-add potential and the property's central location make Carriage House a compelling investment opportunity. Carriage House was 100% occupied at the time of sale.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
