Fremont apartments are bought in real estate deal that tops $30 million

view original post

FREMONT — A Fremont apartment complex has been bought for more than $30 million in a deal that shows investors still seek to own multifamily housing in the Bay Area despite a tricky real estate market.

The residential complex, called Mosaic Fremont by its new owner, was bought for $35.8 million, according to documents filed on April 25 at the Alameda County Recorder’s Office.

The 122-unit Mosaic Fremont apartment complex located at 39867 Fremont Boulevard in Fremont, shown within the outline. Boundaries are approximate. 

Harbert Management, acting through an affiliate, bought Mosaic Fremont, an apartment complex at 39867 Fremont Boulevard near Birdwell Avenue in Fremont, the county documents show.

The 122-unit, two-building residential property was built in 1969, according to the website.

Harbert Management handles several investment funds and buys real estate assets, often in partnership with other investors, the company’s website states.

Apartments, office buildings and retail centers are among the property types in which Harbert Management invests, according to the Harbert website.

“We are first and foremost an investor in our own strategies,” Harbert Management states on its website. “We suggest no investment to our co-investors unless Harbert Management’s or its affiliates’ capital is also committed.”

At the time of its recent purchase of the Mosaic Fremont apartment complex, the Harbert Management affiliate obtained $23.9 million in financing from Wells Fargo Bank, the county records show.

Mosaic Fremont is a “Class B” apartment property, according to a description posted on the Harbert site.

The residences consist of one-, two- and three-bedroom units, the website states. Amenities include a pool, bocce ball court, fitness center and five communal courtyards.

“Mosaic Fremont is a full repositioning opportunity,” Harbert stated on its website, although the investment firm didn’t elaborate on its strategy.