May 7, 2019— Levin Johnston of Marcus and Millichap, one of the top multifamily brokerage teams in the U.S. specializing in wealth management through commercial real estate investments, announced today the $15.5 million sale of a 2.75-acre land parcel in Fremont, California.
This transaction represents a rare opportunity to acquire a property in the Downtown District of Fremont, one of the fastest-growing cities in Northern California, according to Adam Levin, Executive Managing Director, and Robert Johnston, Senior Managing Director of Levin Johnston.
Levin Johnston represented the seller, a private high net worth investor, as well as the buyer, a local multifamily developer, in the transaction.
“Fremont’s Downtown District is rapidly growing and with the addition of quality housing units and future new street retail – these improvements will only spur the underutilized area into a more sustainable and vibrant district,” explains Levin. “We strategically identified a buyer with the expertise to develop the land into high-density multifamily housing, which will deliver tremendous value to the seller as well as the surrounding community.”
The land parcel is located in close proximity to transportation hubs and major highways including Interstate 880 and 680, which provide direct access to the entire Bay Area.
The buyer plans to develop 275 market-rate apartments on the land which will encourage the city’s longtime effort to develop the area into a bustling downtown. The apartment complex will feature 2,245 square feet of ground floor retail and a six-story parking garage, according to Johnston.
“Downtown Fremont is in the midst of a redevelopment boom that will make it a high-quality destination for residents and visitors for years to come,” says Johnston. “During this transformation, we will see Downtown Fremont become a social epicenter that encourages economic development, promotes business expansion and employment opportunities for the community, making it a prime location for multifamily investment for the long term.”
The land parcel is located at 3515 Walnut Avenue in Fremont, California.