Affiliates of The Roxborough Group LLC and Camden Pacific Partners, LLC acquired The Union Flats, a 243-unit, BART-adjacent apartment community in Union City. The sale price was $81.6 million. The seller was not disclosed.
Constructed in 2018, The Union Flats is located at 34588 11th St, directly across from the Union City BART station. It is currently 93.4% occupied.
With no new apartment communities under construction in Union City, the property is positioned to capitalize on growing demand for high-amenity, transit-adjacent properties, the new owners said.
“The acquisition of The Union Flats aligns with Roxborough’s strategy of acquiring infill apartment communities at a significant discount to replacement cost in markets with high barriers to entry and increasing demand,” said Michael Pence, head of multifamily acquisitions at Roxborough.
Sares-Regis Group will manage The Union Flats property on behalf of the partnership. Eastdil Secured represented the seller and arranged acquisition financing through New York Life Real Estate Investors.
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