Trion Properties acquired an 88-unit multifamily property at 4445 Stevenson Blvd. in Fremont for $26.5M. This marks the fifth Bay Area acquisition the firm has completed in less than two years, and its portfolio now includ es 350 units, according to Trion Properties managing partner Max Sharkansky. It most recently acquired a complex in San Leandro in April.
The apartment community is less than five miles from Fremont’s 5.3M SF Tesla factory, which employs over 6,000 people, according to Sharkansky. The demand for housing will increase with Tesla’s 4.6M SF expansion that will add another 3,100 workers to the city. The BART extension from the East Bay into Silicon Valley will further drive demand for housing in the area.
“Fremont is centrally located in the East Bay and the northern part of Silicon Valley, a region that is experiencing tremendous growth,” Sharkansky said. “The market benefits from the expansion of the technology sector as companies are moving across the Bay into this submarket.”
Trion plans to renovate the property, built in 1966, with interior and exterior upgrades and rebrand the property from Americana Apartments to Parc 88. The interior will have faux wood plank flooring, quartz countertops, updated cabinetry and washer/dryer appliances added to each unit.
Exterior renovations will includ e new signage and landscaping on the property’s 4.4 acres of green space.
Following upgrades, units should cost $900 to $1K less than newly built apartment units and make it attractive to workers moving into the area, Sharkansky said. Continental Partners arranged a $19.75M bridge loan for this acquisition and $10.75M of joint venture equity for the asset. NAI Capital Vice President Shivu Srinivasan represented Trion Properties, and Makras Real Estate President Victor Makras represented the seller, the Jones family.