Transwestern Achieves Premium Pricing Amid Economic Uncertainty
December 03, 2020
FREMONT, CALIF – Transwestern Real Estate Services (TRS) announces it has brokered the sale of Niles Station, a 94-unit multifamily property in Fremont, California, with redevelopment potential. Transwestern Senior Director Shivu Srinivasan, Vice Presidents Dante Giacomini and Robert Dau, and Multifamily Analyst Connor McGarty represented both the buyer and seller in the transaction valued at $19.5 million.
Located at 80 Harris Place and 38416 Mission St., Niles Station consists of 10 buildings with 175 parking spaces, and a strong in-place cash flow. Situated 1.7 miles from the 2020 expansion of the Fremont/Warm Springs BART Station and neighboring corporate tech employers like Apple, Google, Tesla and Stanford University, the property is poised as an excellent redevelopment opportunity.
“The asset has a unique profile that appealed to investors despite the current economic turmoil,“ said Srinivasan. “Given its three lots, combined with the zoning and density allowed in this area, this property has interesting development potential to add more units, or repurpose its existing use. We were able to generate multiple offers and secured a winning bidder within eight days of taking this asset to market. In the midst of a pandemic induced recession, we still garnered significant capital interest.”
The buyer, Riaz Capital, is an experienced developer and operator of multifamily apartment buildings that focuses on providing high-quality housing at a price point within reach of the Bay Area’s workforce.
“We’re thrilled to have an opportunity to bring our expertise in respectful and cost-effective housing to the residents of Fremont,” said Founder and CEO Riaz Taplin. “This is a beautiful location in a great neighborhood, and we are proud to steward this property for the long-term benefit of the community.”
Recently, Transwestern has sold two apartment communities in Oakland and Fremont, totaling 115 units with a combined value of $27 million.
About Transwestern Real Estate Services
Transwestern Real Estate Services (TRS) adds value for investors, owners and occupiers of all commercial property types through a comprehensive perspective and by providing solutions grounded in sound market intelligence. Part of the Transwestern companies, the firm applies a consultative approach to Agency Leasing, Asset Services, Tenant Advisory + Workplace Solutions, Capital Markets, and Research & Investment Analytics.
The privately held Transwestern companies have been delivering a higher level of personalized service and innovative real estate solutions since 1978. An integrated approach formed from fresh ideas drives value for clients across commercial real estate services, development, investment management and opportunistic programs for high-net-worth investors. The firm operates through 34 U.S. offices and global alliances with BNP Paribas Real Estate and Devencore. Learn more at transwestern.com and @Transwestern.