Source: The Bascom Group / #Apartments #Multifamily
FREMONT, CA - The Bascom Group has acquired Camden Village Apartments, a 192-unit garden style apartment community located at 38000 Camden Street, Fremont, California 94536. The $63 million sale closed on June 24, 2016 and marks Bascom's 36th apartment acquisition in the past twelve months. Stanford Jones, Salvatore Saglimbeni, and Philip Saglimbeni with IPA were the brokers for the sale. Brian Eisendrath and Annie Rice with CBRE arranged the $44.7 million loan with CIT Bank N.A.
The community was built in 1966 and consists of 21 buildings, situated on 10.77 acres. Rental offerings include a range of studio through three-bedroom floor plans, with studios accounting for 5% of the total units, one-bedrooms accounting for 35%, two- and three-bedroom units accounting for 53% and 7% respectively. Common area amenities include a beautiful park-like open area, two pools, fitness center, and clubhouse. Additionally the property has five retail spaces located in an adjacent building. Bascom plans to implement a modest renovation program to update the property interiors and modernize the look of the exteriors.
Chad Sanderson, Senior Principal of Bascom, states "Camden Village is an exceptionally well-located property in one of the top East Bay submarkets. This property offers tenants access to some of the best schools in the area, an incredible breadth of retail options, and proximity to many of the Bay Area's top employers. Moreover, residents benefit from substantially lower rents, in Fremont, compared to many other Bay Area submarkets."
Lee Nguyen, Senior Vice President of Bascom, comments "The property consists of a mix of one-, two-, and three-bedroom floorplans which appeal to both young professionals and families. Camden Village has such a low density that it has an almost park like feel with walking trails, a dog park, a diversity of natural landscaping and units with oversized patios."