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November 30, 2020
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New Standard Equities Spends $60 Mil on 170 Res Units in the Bay Area


New Standard Equities has acquired a 170-unit multifamily property in Fremont for $60 mil, or about $353k/unit. The deal closed at a 4.41% cap rate on in-place income.

The garden-style community is situated on one parcel at 36000 Fremont Blvd, east of I-880 near Decoto Rd. The property, formerly known as Marbaya, will soon be renamed “Casa Serena” to take advantage of its Hacienda-style architecture.

NSE plans to provide new exterior paint and finishes, repair and refresh the common area amenities, install new signage and package lockers, and update the site’s landscaping. In the units themselves, NSE will add washers and dryers to every unit, and upgrade the flooring, countertops, cabinetry and appliances.

NSE expects that after, their renovations, the property will compete on price with newer projects in the area.

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