Big Fremont apartment complex land buyer who sees strength in housing

FREMONT – A large apartment complex in Fremont has been bought for more than $ 100 million by a local real estate company that is seeing strength begin to return to the economy and housing market in the Bay Area.

The Rexford Apartments in Fremont were purchased by an affiliate controlled by Essex Property Trust, according to documents filed Nov. 16 with the Alameda County Registrar’s Office.

Essex affiliate Essex Rexford paid $ 112.5 million for The Rexford Apartments, a resort at 3400 Country Drive, according to the county’s assessment and property records.

The Rexford Apartments are a community of 204 units that opened in 1972, according to The residential complex is located near the corner of Fremont Boulevard and Mowry Avenue in the Centerville neighborhood of Fremont.

The seller in the case was Rexford / Woodstream Apartment Homes, a subsidiary controlled by Bryan Rezalow and Cristina Agra-Hughes Family Trusts, which are based in the city of Calabasas, Los Angeles County.

Essex Property Trust bought the Fremont apartment complex under an all-cash deal, according to county documents.

“Our pet-friendly community includes access amenities that include a two-story community clubhouse and lounge with workstations and entertainment areas, a fitness center with cardio machines. training and weight training and two swimming pools with surrounding barbecue and picnic areas, ”an article on The Rexford’s website states.

San Mateo-based Essex has finalized the purchase of Fremont’s apartment as the real estate giant gradually sees conditions improving in the company’s west coast real estate markets, which include the bay area and California.

“The value of apartments in our markets is up about 15% on average compared to pre-COVID assessments,” Michael Schall, managing director of Essex Property Trust, said on Oct. 27 in a conference call with analysts to discuss the company’s third quarter financial results. results.

However, the Bay Area and Northern California remain even weaker than other Essex real estate markets, which are mostly on the West Coast.

“Many large tech companies in our markets have delayed reopening their offices due to the Delta variant this fall, which we believe is the main driver of Northern California’s slow recovery relative to other markets in the world. ‘Essex,’ Schall said on the conference call. .

Schall, however, has some optimism about improving conditions in the Bay Area.

The CEO of Essex Property noted that tech companies like Google and Apple have taken a series of steps to dramatically expand their footprint in Silicon Valley through office leases, development proposals and property purchases. .

“Recent announcements from tech companies regarding office expansion, openings in Essex markets and new office space commitments confirm our belief that major employers remain fully engaged in a hybrid environment. focused on offices on the west coast, ”Schall said at the conference. call.

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