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4/10/25
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Affiliates of The Roxborough Group LLC and Camden Pacific Partners LLC have purchased The Union Flats, a 243-unit, BART-adjacent apartment community in Union City, CA. The property traded for $81.6 mil, or $335.8k/unit.
The Union Flats, constructed in 2018, is located at 34588 11th St, directly across from the Union City BART station roughly midway between Oakland and San Jose in the East Bay. It is currently 93.4% occupied.
The property features a mix of junior-one-bedroom, one-bedroom, two-bedroom and live-work loft units. Community amenities include an outdoor pool and spa, a spacious gym, a community lounge and a dog spa. The community was constructed with sustainable features including a rooftop solar hot-water heating system, green roofs on the community rooms and electric vehicle charging stations in the garage.
"The acquisition of The Union Flats aligns with Roxborough’s strategy of acquiring infill apartment communities at a significant discount to replacement cost in markets with high barriers to entry and increasing demand,” said Michael Pence, head of multifamily acquisitions at Roxborough. “Conveniently located within a short drive to major Silicon Valley employers and adjacent to BART for a seamless commute to downtown San Francisco, Union Flats offers young professionals convenience and value.”
There are no new apartment communities under construction in Union City, and the high cost of new residential development, coupled with potential future supply chain challenges, provides The Union Flats with a strong buffer against competition. The asset is also positioned favorably to capitalize on growing demand for high-amenity, transit-adjacent properties as the job market grows across the Bay Area.
Sares-Regis Group will manage The Union Flats property on behalf of the partnership. Eastdil Secured represented the seller and arranged acquisition financing for the new ownership group, which was provided by New York Life Real Estate Investors.
The Union Flats marks Roxborough’s first multifamily acquisition in Northern California within Roxborough Fund III L.P., a $518-mil discretionary fund focused on opportunistic and value-add investments. Roxborough’s portfolio includes more than 2,500 rental housing units across its active investment funds.
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