FREMONT, CA - ARA, A Newmark Company today announced the sale of Carriage House, a 123-unit apartment community located in Fremont, CA, a growing East Bay city approximately 40 miles southeast of San Francisco. This acquisition rehabilitation opportunity sold for $36,050,000, $293,089 per unit or $322 per square foot.
The ARA Pacific team, led by San Francisco-based Principal, Craig Chiappone, served as the exclusive advisor on this private transaction representing both the seller and buyer.
Rents at recently renovated properties in the immediate competitive set have consistently achieved measurable premiums over non-renovated units at Carriage House, lending strong support for the implementation of renovations by the new owner. The much higher rents being achieved in nearby cities such as San Jose and the South Bay, further support this strategy. Carriage House is located just steps away from local shopping and employment centers, with easy access to coveted hi-tech jobs in nearby Silicon Valley. This combination of the value-add potential and the property’s central location make Carriage House a compelling investment opportunity.
Carriage House was 100% occupied at the time of sale.
To schedule an interview with an ARA executive regarding this transaction or for more information about ARA, nationally please contact Lisa Robinson at lrobinson@ARAusa.com, 404.990.4900 or Amy Morris at amorris@ARAusa.com, 404.990.4902; locally, Craig Chiappone, at cchiappone@ARAusa.com or 415.273.2131.
About ARA, A Newmark Company: ARA, A Newmark Company is the largest full-service investment advisory firm in the nation that focuses exclusively on the brokerage, financing and capital sourcing of multihousing properties including conventional, affordable, distressed assets, notes sales, seniors, student & manufactured housing and multihousing land. ARA, A Newmark Company is comprised of the country’s top investment professionals who leverage a unique and fully integrated cooperative business platform of shared information, relationships and technology driven solutions. ARA, A Newmark Company’s unified enterprise approach ensures that clients are delivered the broadest asset exposure, effective matching of buyers and sellers, and the shortest transaction timeframes in the industry. The combination of global resources, unparalleled market expertise and nationwide presence in the multihousing marketplace has resulted in an annual production volume of more than $12.4 billion in real estate transactions in 2014. For detailed information on ARA, A Newmark Company’s extensive multihousing investment services, visit www.arausa.com.
About Newmark Grubb Knight Frank: Newmark Grubb Knight Frank is one of the world's leading commercial real estate advisory firms. Together with its affiliates and London-based partner Knight Frank, Newmark Grubb Knight Frank employs more than 12,000 professionals, operating from more than 330 offices in established and emerging property markets on six continents.
With roots dating back to 1929, Newmark Grubb Knight Frank’s strong foundation makes it one of the most trusted names in commercial real estate. Its integrated services platform includes leasing advisory, global corporate services, investment sales and capital markets, consulting, program and project management, property and facilities management, and valuation services. A major force in the real estate marketplace, Newmark Grubb Knight Frank serves the local and global property requirements of tenants, landlords, investors and developers worldwide. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC's common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com