East Bay Community Commands $47 Million
- Sep 18, 2015
In a $47 million deal, Tilden Properties has acquired Park Crossing Apartments in Fairfield from Abacus Capital Group. Executive Director Stanford Jones and Senior Directors Philip Saglimbeni and Salvatore Saglimbeni of Institutional Property Advisors arranged the sale.
Located at 2100 West Texas Street, the 200-unit multifamily community offers convenient access to I-80. Park Crossing consists of nine two- and three-story buildings, as well as a one-story leasing office, on an eight-acre site offering open greenbelts and walkways.
The property features a mix of one-, two-, and three-bedroom apartments averaging 1,024 square feet in size. According to Yardi Matrix data, the average monthly rent is $1,863.
Acquired for $235,000 per unit, the property offers “a value-add opportunity through unit interior upgrades and with the property’s compelling location, the asset should provide continued strong revenue growth,” Philip Saglimbeni noted.
The amenity package includes private patios/balconies, large walk-in closets, a fitness center, swimming pool, spa, controlled access and a business center, as well as a fireside lounge.