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12/22/22
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Victoria Park, a 60-unit multifamily community located in the East Bay city of Fremont, sold in a $27.2 mil ($453.3k/unit) trade. Victoria Park is located at 40882 High St, just west of I-680.
Built in 1987, Victoria Park offers residents 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 seller updated the property with much-needed amenities and unit renovations to help bring the property up to market standard. This included 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.
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.
Adam Levin and Robert Johnston with Levin Johnston of Marcus and Millichap represented the seller in the transaction, as well as the buyer, alongside Andres Lopez.
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. Major employers in the area include Tesla, Logitech, Lam Research, Seagate, and Western Digital.
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