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12/17/21
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The Rexford, a 203-unit, fully-renovated multifamily community in Fremont, was purchased for $112.5 mil ($554k/unit) by a publicly traded real estate investment trust in a deal we’re told ranks as as the largest single multifamily transaction in the city’s history. Located at 3400 Country Dr, the asset was sold by SoCal-based The Ezralow Company.
The property is situated just off Fremont Blvd at the intersection of Country Drive and Lexington St, within walking distance of both Downtown Fremont and the Fremont BART station, and within close proximity of Interstates 880, 680 and the Dumbarton bridge. The Rexford’s excellent urban location provides residents with immediate access to local eateries, retailers, grocers and lifestyle amenities located in the heart of Fremont.
Originally built in 1973, The Rexford underwent a dramatic transformation starting in 2014, with prior ownership investing approximately $13 mil into thoughtful exterior and interior improvements. The property consists of 18 residential buildings on an 8.14-acre site and features a unit mix consisting of 15 1x1 units, 25 2x1 units, 75 2x2 flats, 40 2x2.5 townhomes, 48 3x2 units, as well as an on-site Montessori.
Common area amenities include a two-story community clubhouse and lounge with workstations and entertainment areas, a revamped fitness center with cardio and weight machines, two swimming pools with surrounding BBQ and picnic areas, a community bike storage room, package lockers and lushly landscaped walking paths throughout the community.
Nate Oleson, Mark Leary, Rob LeDoux and Ian O’Connor with Newmark served as the exclusive advisors on the transaction.
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