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| The 2.75-acre land parcel, sold for $15.5 million, is located at 3515 Walnut Avenue. Fremont, CA |
FREMONT, CA – 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 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.
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| Adam Levin |
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.
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| Robert Johnston |
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.”
Contacts:
Alex Caswell / Jenn Quader
Brower Group
(949) 438-6262
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