Newmark[1] announced it has completed the sale of The Rexford, a 203-unit fully-renovated multifamily community located at 3400 Country Drive in Fremont, California. The closure sets a new record[2] in Fremont as the largest single multifamily transaction in the city’s history with a sale price of $112.5 million. The buyer was a publicly traded real estate investment trust, and the seller was The Ezralow Company, a diversified real estate development and investment firm based in Southern California.
The Newmark team, led by Senior Managing Director Nate Oleson, Executive Managing Director Mark Leary, Director Rob LeDoux, and Director Ian O’Connor, served as the exclusive advisors on the transaction. This core Newmark team has also been retained by the seller to lead the transaction of an affordable portfolio in Sacramento.
The property is situated just off Fremont Boulevard at the intersection of Country Drive and Lexington Street, within walking distance of both Downtown Fremont and the Fremont BART station, and within close proximity of Interstates 880, 680 and the Dumbarton bridge. The Rexford’s excellent urban location provides residents with immediate access to local eateries, retailers, grocers and lifestyle amenities located in the heart of Fremont.
“The Rexford presented buyers with a rare opportunity to invest in a fully-renovated multifamily community in one of the most sought-after suburban locations in the Bay Area,” said Oleson. “As the cost of single-family housing continues to skyrocket in the East Bay, more and more renters are seeking highly-amenitized, luxury apartment communities like The Rexford.”
Originally built in 1973, The Rexford underwent a dramatic transformation starting in 2014, with prior ownership investing approximately $13M into thoughtful exterior and interior improvements. The property consists of 18 residential buildings on an 8.14-acre site and features a unit mix consisting of 15 1x1 units, 25 2x1 units, 75 2x2 flats, 40 2x2.5 townhomes, 48 3x2 units, as well as an on-site Montessori. Common area amenities include a two-story community clubhouse and lounge with workstations and entertainment areas, a revamped fitness center with cardio and weight machines, two swimming pools with surrounding BBQ and picnic areas, a community bike storage room, package lockers and lushly landscaped walking paths throughout the community.
“We are proud of the transformation made at The Rexford under our ownership. We look forward to seeing its continued success at this dynamic location under the new ownership,” said Bryan Ezralow, CEO of The Ezralow Company.
Oleson concluded, “Investors were also attracted to The Rexford’s close proximity to major tech campuses, including Tesla’s headquarters in South Fremont, as well as Facebook’s headquarters in nearby Menlo Park.”
