Search
 

Tesla-Proximate Multifamily Nabs Buyer

The city council recently approved a 4.6 million-square-foot expansion for Tesla, which is predicted to bring 3,100 new workers to the area and further drive demand for quality housing, namely Parc 88 less than five miles away.

By Lisa Brown | lisabrown | Updated on October 09, 2017

Parc 88 The Parc 88 apartment community is located less than five miles from Fremont’s Tesla facility.

FREMONT, CA—With close proximity to Tesla, a multifamily property with potential becomes an investment diamond in the rough for one instinctive investment group. That company, Trion Properties, recently acquired the 88-unit multifamily property located at 4445 Stevenson Blvd. for $26.5 million.

Trion will strategically renovate the apartment community to stabilize the asset and increase net operating income. The firm will also rebrand the property, currently known as Americana Apartments, as Parc 88. This is the firm’s fifth Bay Area acquisition in less than two years, bringing its portfolio in the area to 350 units, according to Max Sharkansky, managing partner at Trion Properties.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.