FREMONT — A big apartment complex in Fremont has been bought in a deal that tops $85 million, fresh evidence investors still hunger for Bay Area housing despite a tricky economy.
Artist Walk Apartments has been purchased for $89.8 million by MG Properties, a veteran investor in apartment complexes in California, Oregon, Washington state, Nevada, Arizona and Colorado, the buyer said.
Artists Walk Apartments is a 185-unit complex, which points to a purchase price in the neighborhood of $485,000 per residence.
The residential complex, located at 3888 Artist Walk Common in Fremont, consists of one-bedroom and two-bedroom units, according to the Artist Walk Apartment website.
Amenities include a luxury pool, fitness center, a dedicated art gallery and event space and onsite retail with dining and shops.
The four-story complex was built in 2017 and is located in Fremont’s Centerville district near the corner of Thornton Avenue and Fremont Boulevard.
The deal points to ongoing confidence by real estate investors in certain segments of the Bay Area apartment market, even in the face of an array of economic uncertainties that still haunt the region in the aftermath of the coronavirus outbreak.
“We continue to believe in the long-term economic potential of the Bay Area and are pleased to add another high-quality property to our portfolio there,” said Jeff Gleiberman, president of MG Properties.