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6/27/16
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In a recent Bay Area multifamily investment buy, The Bascom Group LLC has acquired Camden Village Apartments, a 192-unit, garden-style apartment community in Fremont, for $63 mil ($328k/unit). The property is situated on 10.77 acres at 38000 Camden St, east of I-880 and south of Quarry Lakes Regional Park.
Built in 1966, the complex contains of 21 buildings with a mix of units that include studio through three-bedroom floorplans. Studios account for 5% of the total units, one-bedrooms account for 35%, and two- and three-bedroom units account 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.
The purchase 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 mil acquisition loan through CIT Bank N.A.
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