At a glance
- The buyer is Roxborough Fund III, a $518 million discretionary pool focused on opportunistic and value-add investments.
- The price is about $445,000 per unit.
- For allocators comparing value-add multifamily funds, the loan balance and equity contribution set the leverage Bidwell Park carries and how much of Fund III remains for later purchases.
The Roxborough Group bought Bidwell Park, a 246-unit apartment community at 39800 Fremont Blvd. in Fremont, California, for $109.4 million, Connect CRE reported on Oct. 29.
The buyer is Roxborough Fund III, a $518 million discretionary pool focused on opportunistic and value-add investments. Bidwell Park is the fund's second Northern California multifamily asset and is 95% occupied.
The price is about $445,000 per unit. Newmark arranged the debt, but the assumed loan balance and supplemental financing were not disclosed, leaving the fund's equity contribution and the asset's leverage unclear.
For allocators comparing value-add multifamily funds, the loan balance and equity contribution set the leverage Bidwell Park carries and how much of Fund III remains for later purchases.
Roxborough's investment case rests on supply. No market-rate apartments are under construction in Fremont, according to the company, and high development costs give the property a replacement-cost buffer.
Institutional Property Advisors, a division of Marcus & Millichap, represented the seller. Sares-Regis Group will provide property management.
Reported by the Deals desk from Connect CRE and Private Wealth Daily Deal Tracker. Published . Corrections