The Registry October 26, 2026
Affiliates of The Roxborough Group have acquired Bidwell Park, a 246-unit apartment community at 39800 Fremont Boulevard in Fremont, for $109.4 million, the firm announced on October 29. The property is currently 95 percent occupied. The price works out to about $444,500 per unit. Institutional Property Advisors, a division of Marcus & Millichap that marketed the property, described Bidwell Park as a 246-unit, 1973-vintage value-add community. Its listing noted that the two- and three-bedroom floor plans average 959 square feet, among the largest in the submarket, and that three-bedroom units make up 42 percent of the total. Based on that average, the sale price equals roughly $464 per square foot of rentable area.
About 80 percent of the units have two bathrooms, a layout Roxborough said appeals to both families and roommates. Units come with in-unit washers and dryers and air conditioning. Shared amenities include an extensively renovated clubhouse, a fitness center, a pool with an oversized deck and an outdoor grilling station.
The seller had already made major upgrades. The IPA listing stated that the current ownership, which acquired the property in 2022, had invested more than $11.5 million in capital improvements. Spread across 29 buildings of two and three stories, the community is in Downtown Fremont near Fremont Boulevard and Bidwell Drive. Listed rents range from about $2,960 to $3,784 a month, according to Point2 Homes.
Institutional Property Advisors represented the seller in the sale. Newmark arranged the assumption of the property’s existing financing and placed supplemental financing for the buyer. Sares-Regis Group will manage the property.
“The acquisition of Bidwell Park aligns with Roxborough’s strategy of acquiring infill apartment communities at significant discounts to replacement cost in markets with high barriers to entry and increasing demand,” said Michael Pence, head of multifamily acquisitions at Roxborough. Pence pointed to Fremont’s schools and its industrial and advanced manufacturing base, and said the property offers access to jobs across the East Bay, Silicon Valley and the Peninsula, as well as to two BART stations with direct service to Oakland and San Francisco.
Roxborough has historically targeted assets below replacement cost. Managing partner Marc Perrin, formerly of Starwood Capital, founded the San Francisco-based firm in 2013, and it has a broad mandate covering all real estate asset classes, according to a statement Roxborough issued during a 2022 hotel acquisition. Bidwell Park is the firm’s second Northern California multifamily acquisition through Roxborough Fund III, L.P., a $518 million discretionary fund focused on opportunistic and value-add investments. Across its active investment funds, Roxborough holds more than 3,000 rental housing units. Its affiliates have bought apartment portfolios in Las Vegas and Phoenix with plans to upgrade units and common areas. In July, Roxborough paid about $130 million for the retail core of Main Street Cupertino, according to industry reports.
Fremont’s appeal rests on limited supply. According to Roxborough, no market-rate apartment communities are currently under construction in the city, and the high cost of new residential development gives Bidwell Park a buffer against competition. The firm added that rental concessions in Fremont are disappearing. Marcus & Millichap’s affiliate Institutional Property Advisors projected in its 1Q 2026 Oakland multifamily report that tight submarkets outside the urban core, including Fremont and Richmond, are likely to keep vacancy below 4 percent. Only the Oakland-Berkeley and Livermore-Pleasanton submarkets are expected to see significant new supply in 2026 and 2027. IPA added that Class C properties in those areas should outperform, citing relatively affordable rents and connections to Bay Area job centers.
Rents are rising across the region. East Bay asking rents grew 6.9 percent year over year in Q3 2026, the third-fastest pace in the nation behind San Francisco and San Jose, according to Cushman & Wakefield’s Q3 2026 U.S. Multifamily MarketBeat, which credited AI-related investment and job growth. NAI Northern California put East Bay multifamily vacancy at 4.8 percent in October, with average asking rents of $2,592 a unit, up 5.5 percent from a year earlier, and 2,180 units under construction. The firm described the East Bay as a more affordable alternative to San Francisco and said Fremont benefits from its growing role in advanced manufacturing.
The wider Bay Area is tightening as well. Regional multifamily vacancy fell to 3.8 percent in Q3 2026, down from 4.8 percent a year earlier, while asking rents climbed 7.7 percent year over year and net absorption reached 2,428 units for the quarter, according to Kidder Mathews’ Q3 2026 Bay Area Multifamily Market Report.
Bidwell Park’s large, family-sized units may work in Roxborough’s favor. With no new market-rate projects under way in Fremont, renters seeking two- and three-bedroom units have limited options, a dynamic that typically supports both occupancy and rent growth for well-located older properties.