The Roxborough Group, LLC has expanded its Northern California multifamily portfolio with the purchase of Bidwell Park, a 246-unit apartment community in Fremont. The property, located at 39800 Fremont Blvd., traded for $109.4 million and is reported to be 95% occupied at the time of acquisition. The transaction marks Roxborough’s second multifamily acquisition in Northern California through Roxborough Fund III, L.P.
Bidwell Park was acquired using capital from Roxborough Fund III, a $518 million discretionary vehicle focused on opportunistic and value-add real estate investments. Within this strategy, the firm is targeting infill apartment communities that can be purchased at significant discounts to replacement cost in locations characterized by high barriers to entry and growing demand for rental housing.
Roxborough described the Bidwell Park purchase as consistent with this approach, citing the ability to acquire a stabilized but competitively positioned asset in a constrained development environment. According to the firm, there are currently no market-rate apartment communities under construction in Fremont. Coupled with what it characterizes as the high cost of new residential development in the area, this supply backdrop is viewed as providing Bidwell Park with a meaningful buffer against future competitive pressure from new deliveries.
Michael Pence, head of multifamily acquisitions at Roxborough, noted that the Bidwell Park acquisition aligns with the fund’s emphasis on infill locations where replacement cost economics and entitlement hurdles limit new supply. While specific business plan details were not disclosed, the value-add and opportunistic mandate of Roxborough Fund III suggests a focus on both protecting in-place income and positioning the asset to benefit from market fundamentals over the fund’s investment horizon.
Sares-Regis Group has been engaged to provide property management services at Bidwell Park, bringing a specialized multifamily management platform to the community following the change in ownership. On the transaction side, Institutional Property Advisors, a division of Marcus & Millichap, represented the seller in the sale of the asset.
Newmark played a capital markets role in the transaction by facilitating the assumption of the community’s existing financing and arranging supplemental financing. While specific loan terms and lender details were not disclosed, the structure indicates that Roxborough chose to maintain the in-place debt while layering on additional financing to support the investment. Further information on planned capital improvements, hold period, and projected performance was not provided.
