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1/06/23
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Victoria Park, a 60-unit multifamily community located in the East Bay city of Fremont, traded hands in a recent $27.2 mil ($453k/unit) transaction.
Built in 1987, Victoria Park is located at 40882 High St. The property contains 32 one-bedroom units and 28 two-bedroom units. Amenities include covered parking, an on-site laundry room, pool, lounge area, fitness center, and vaulted, high ceilings.
The property is near Fremont’s Central District, as well as quality shopping areas, high-ranked schools, great dining options and Central Park, which is home to Lake Elizabeth. A nearby BART station and proximity to Interstate 680 and 880 offers easy access to the San Francisco and Silicon Valley employment centers.
The seller updated the property with much-needed amenities and unit renovations to help bring the property up to market standard. These include renovations to the building exterior and the addition of a pool and lounge area, enhancing the curb appeal and providing residents with a sense of convenience, comfort, and community.
Adam Levin and Robert Johnston with Levin Johnston of Marcus and Millichap represented the seller in the transaction. Levin and Johnstone, along with M&M colleague Andres Lopez, repped the buyer.
The city of Fremont boasts a highly educated population, with 60% of residents over the age of 25 having a bachelor’s degree or higher. This education is reflected in the quality of jobs obtained by residents, as the median household income is $153,477 and the unemployment rate stands at just 2.6%, well below the 3.7% national average.
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