FREMONT – A large residential complex in Fremont was bought for over $ 100 million by a local real estate firm, which is seeing strength begin to return to the economy and housing market in the Bay Area.
The Rexford apartments in Fremont were purchased by a subsidiary controlled by the Essex Property Trust, according to filings November 16 with the Alameda County Registrar.
The Essex subsidiary, Essex Rexford, paid $ 112.5 million for The Rexford Apartments, a complex located at 3400 Country Drive, county estimates and property records show.
According to the Apartments.com website, Rexford Apartments is a 204 apartment complex that opened in 1972. The residential complex is located near the corner of Fremont Boulevard and Mowry Avenue in the Centerville area of Fremont.
The seller in the deal was Rexford / Woodstream Apartment Homes, a subsidiary of the Brian Rezalow and Christina Agra-Hughes family trusts based in Calabasas, Los Angeles.
Essex Property Trust bought an apartment complex in Fremont with cash, according to county documents.
“Our pet-friendly community includes access amenities including a two-story community club and lounge with workstations and entertainment areas, a fitness center with cardiovascular and strength equipment, and two pools with adjoining barbecue and picnic areas,” the report said. The Rexford’s. website status.
San Mateo-based Essex completed its purchase of an apartment in Fremont at a time when the real estate giant is seeing a gradual improvement in the company’s west coast property markets, including the Bay Area and California.
“Apartment prices in our markets have on average increased about 15% from pre-COVID estimates,” said Michael Schall, CEO of the Essex Property Trust on October 27 during a conference call with analysts to discuss the company’s third-quarter financial performance. results.
However, the Gulf and Northern California are still weaker than other Essex real estate markets, which are mostly located on the West Coast.
“Many large tech companies in our markets have postponed reopening their offices due to the Delta option this fall, which we believe is a major contributor to Northern California’s slow recovery relative to other Essex markets,” Schall said during a conference call. …
However, Schall is optimistic about improving conditions in the Bay Area.
Essex Property CEO noted that tech companies such as Google and Apple have taken a number of steps to significantly expand their presence in Silicon Valley through office leases, development proposals and real estate purchases.
This year, Apple leased 700,000 square feet at Pathline Park in Sunnyvale, paid $ 450 million to buy several Cupertino office buildings that it rented out, and began development of an expansive office campus in North San Jose, beginning a move to two existing buildings. on this site.
In addition, Google has received key approval for its mixed-use area of offices, homes, shops, restaurants and hotels in downtown San Jose. The search giant is also expanding its positions in Mountain View and Sunnyvale.
In addition, Facebook is known to be actively seeking office space in Silicon Valley and to improve tenants at several large office sites in Fremont.
“Recent announcements by tech companies of office expansions, job openings in Essex markets and new office space commitments reinforce our belief that leading employers remain fully committed to creating a hybrid office-centric environment on the West Coast.” Shall said during the conference. call.