Roxborough Makes Second NorCal Apartment Buy Through Latest Fund

The Roxborough Group, LLC has acquired Bidwell Park, a 246-unit apartment community in Fremont, for $109.4 million. The 95% occupied property at 39800 Fremont Blvd. represents Roxborough’s second multifamily acquisition in Northern California within Roxborough Fund III, L.P., a $518-million discretionary fund focused on opportunistic and value-add investments.

“The acquisition of Bidwell Park aligns with Roxborough’s strategy of acquiring infill apartment communities at significant discounts to replacement cost in markets with high barriers to entry and increasing demand,” said Michael Pence, head of multifamily acquisitions at Roxborough. The company notes that there are no market-rate apartment communities under construction in Fremont and that the high cost of new residential development provides Bidwell Park with a strong buffer against competition.

Sares-Regis Group will provide property management services. Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, while Newmark facilitated the assumption of existing financing and placement of supplemental financing.