- Advertisement -spot_img
Monday, December 6, 2021

Residential complex Big Fremont has found a buyer who sees the strength of the housing

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.

Gathering areas and pool at Rexford Apartments, a 204-unit apartment complex at 3400 Country Drive in Fremont. (Google Maps)

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.

Read Also:  COVID: 93% Pfizer Vaccine Prevents Adolescent Hospitalization

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. …

World Nation News Deskhttps://www.worldnationnews.com
World Nation News is a digital news portal website. Which provides important and latest breaking news updates to our audience in an effective and efficient ways, like world’s top stories, entertainment, sports, technology and much more news.
Latest news
Related news
- Advertisement -

Leave a Reply