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5/07/19
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A local developer paid $15.5 mil for a 2.75-acre land parcel in Fremont. The land parcel is located at 3515 Walnut Ave. The property is in close proximity to transportation hubs and major highways, including Interstates 880 and 680, which provide direct access to the entire Bay Area.
The buyer plans to develop 275 market-rate apartments on the land, which will encourage the city’s longtime effort to develop the area into a bustling downtown. The apartment complex will feature 2.2k sf of ground floor retail and a six-story parking garage.
Adam Levin and Robert Johnston with Levin Johnston represented the buyer and the seller, a private high net worth investor, in the transaction. The purchase represents a rare opportunity to acquire a property in the Downtown District of Fremont, one of the fastest-growing cities in Northern California, according to Levin Johnston.
“Downtown Fremont is in the midst of a redevelopment boom that will make it a high-quality destination for residents and visitors for years to come,” says Johnston. “During this transformation, we will see Downtown Fremont become a social epicenter that encourages economic development, promotes business expansion and employment opportunities for the community, making it a prime location for multifamily investment for the long term.”
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