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8/19/26
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Sack Capital Partners acquired Koda Apartments, a 122-unit, garden-style multifamily community in the Bay Area city of Fremont. The property was acquired through a partnership with Joint Venture (LEM Capital) to execute a comprehensive value-add strategy
Originally built in 1970 and substantially renovated beginning in 2018, the property is located at 39867 Fremont Blvd, west of I-880 off Stevenson Blvd. Koda Apartments spans 10 garden-style buildings on approximately 4.99 acres, with a density of 24 units per acre.
Current ownership has invested roughly $10 mil into the property over the past six years, including a full interior renovation across 100% of units — featuring in-unit washers and dryers, updated electrical panels, new modern kitchen and bathroom cabinetry, quartz kitchen and bathroom counters, new appliance packages with gas ranges, plank-style flooring, and condo-quality bathroom remodels — along with extensive exterior upgrades, including a new leasing office, community room with fitness area, pool and lounge area, bocce ball court, firepit area, and outdoor event center.
The residences are a mix of one-, two-, and three-bedroom floorplans averaging a large 931 sf, with two-bedroom apartments comprising nearly two-thirds of the unit mix. Koda Apartments is a 100% market-rate community, with no age restrictions or affordability component.
“Koda gives us a foothold in one of the most resilient and supply-constrained rental markets in the Bay Area,” said David Feinberg, Sack Capital Partners Managing Partner. “The property’s location at the doorstep of Silicon Valley, combined with the extensive renovation program already completed by the seller, gives us a strong foundation to build on as we continue investing in the resident experience.”
“Koda’s residence mix and indoor/outdoor amenities set it apart from the surrounding competition, and the extensive capital program already completed by ownership gives us a strong head start,” said Jeff Smith, Sack Capital Partners Managing Partner and President. “With recent leases already trending nearly 5% above in-place rents, we see a clear path to continued upside as we take over operations and lean further into the resident experience.”
Fremont is the fourth-largest city in the Bay Area and sits at the heart of Silicon Valley, home to more than 1,700 technology companies and anchored by major area employers including Tesla, Meta, and Amazon. Fremont City Center Apartments is approximately 1.5 miles from the Fremont BART station, giving residents direct access to job centers in Oakland and San Francisco. The Fremont submarket has posted year-over-year rent growth of more than 4%, with occupancy holding above 96%, underscoring the durability of renter demand in the market.
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