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Interstate Equities Corp purchased Fremont Bell Apartments in an off-market transaction with a longtime local owner. The 24-unit Class-B complex was purchased for an undisclosed amount.
The property was delivered with significant restoration covered by insurance following a fire at one unit during escrow. The new owner plans to capitalize on strong rent appreciation in the submarket and will reposition the asset. ARA, A Newmark Co, repped Interstate Equities.
ARA Newmark senior managing director Mike Colhoun was buy-side adviser. Mike says the property is a great opportunity since “multifamily properties are rarely available" in southern Alameda County.
The property is at Fremont Boulevard and Mowry Avenue close to shopping centers and restaurants and a mile from the Fremont BART station.
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