FREMONT — A big apartment complex in Fremont has been bought for well over $100 million in a deal that suggests the market for rental housing remains has begun to falter in Silicon Valley.
The downtown Fremont apartment complex was bought for $126 million by a real estate investment firm, according to documents filed on June 27 with the Alameda County Recorder’s Office.
275-unit apartment complex at 3510 Beacon Avenue in downtown Fremont, concept. (MVE + Partners)
Acacia Capital, a real estate investment firm that acted through an affiliate, is the new owner of the apartment property, the county records show. Acacia Capital has offices in San Mateo and Phoenix.
The price that Acacia Capital paid for the Fremont residential real estate property hints at flattening — or even falling — values for apartment properties in this area.
That’s because the $126 million the new owner paid is about 5% below the $132.7 million value for the property as of January 2024, as estimated by the Alameda County Assessor’s Office.
Fore Property developed the apartment complex, which is near the corner of Walnut Avenue and Liberty Street in one of the core sections of the emerging downtown Fremont area.
The just-bought residential property was completed in 2022, according to the Apartments.com website.
As part of the real estate deal, the Acacia Capital affiliate obtained a $69.3 million loan from CBRE Multifamily Capital, the county public documents show.
The relatively new apartment complex is poised to contribute to Fremont’s push for the creation of a more lively and vibrant downtown district.
The 275 units in the project include 125 one-bedroom units, 91 two-bedroom apartments and 59 studios, plans on file with Fremont city officials show.
The residences range in size from 556 to 1,429 square feet, according to the project plans.
Amenities include a pool, clubhouse, spa, fitness center, roof terrace, grill, business center, lounge and conference rooms.
