An unnamed REIT has acquired The Rexford, a 203-unit apartment property in Fremont, California, for $112.5 million from The Ezralow Company, a developer. The transaction sets a new record as the largest single apartment sale in the market's history.
Located at 3400 Country Drive on more than 8 acres in Fremont, California, the property features 18 buildings with a mix of one-, two- and three bedroom apartments and townhomes. The property was fully renovated by the previous ownership to the tune of $13 million, giving the REIT the opportunity to buy an upgraded apartment community in a popular Bay Area suburb.
The property also features a clubhouse and lounge, a fitness center, two swimming pools with surrounding BBQ and picnic areas, a community bike storage room, package lockers and landscaped walking paths. Plus, it is walking distance from Downtown Fremont and the Fremont BART station.
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Kelsi Maree Borland
