© 2024 Berkadia Proprietary Holding LLC
Berkadia® is a trademark of Berkadia Proprietary Holding LLC
Investment sales / real estate brokerage business is conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by Berkadia Affordable Tax Credit Solutions. This website is not intended to solicit commercial mortgage company business in Nevada.
In California, Berkadia Real Estate Advisors Inc. conducts business under CA Real Estate Broker Lic. #01931050, Berkadia Commercial Mortgage LLC under CA Finance Lender & Broker Lic. #988-0701, Berkadia Commercial Mortgage Inc. under CA Real Estate Broker Lic. #01874116. For state licensing details for the above entities, visit www.berkadia.com/licensing.
INVESTMENT SALES
1 Post Street, Suite 1000
San Francisco, CA 94104
NORTHERN CALIFORNIA OFFICE
CONTACT Info
BACK TO TOP
PHOTO GALLERY
Significant value-add opportunity to close the gap between Rancho Luna Sol and newer or recently renovated competitive communities, notable in the $400 to $500 rent gap.
Expiring Regulatory Agreement offering a near-term opportunity to reposition the asset as a 100% market rate community.
Potential opportunity to increase the property’s welfare tax exemption by qualifying existing market rate tenants who are under the 80% AMI limit for Alameda County.
Opportunity to construct seven additional modular ADUs through SB 1211, which was signed into law in September 2024, increasing the number of detached ADUs that can be built and streamlining the approval process.
Walking distance to numerous restaurant and retail amenities in downtown Fremont, including a Whole Foods, Trader Joe’s, Target, Raley’s, Safeway, and Cine Lounge Theater.
Surrounded by more than 5,000 healthcare jobs within one mile of the property at Kaiser Permanente, Washington Hospital, and Sutter Health. Several high-paying employers like Tesla, LAM Research, Boston Scientific, Seagate Technology, and Western Digital are just 10 minutes away.
Low rent-to-income ratio of just 18% using Fremont’s median household income of $171,000 and in-place rents of $2,580 for the market rate units.
Investment Highlights
LOCATION
Berkadia is pleased to exclusively present Rancho Luna Sol, a 192-unit, 1980-vintage value-add opportunity located in a prime transit and retail-oriented location in Fremont, CA. Fremont is highly regarded as one of the most desirable suburban apartment markets in the entire Bay Area and was recently named the “Best Place to Raise a Family in the U.S.,” thanks to its top-performing schools (all A-Rated on Niche.com), safe neighborhoods, and affluent household incomes ($171,000 median income per the 2023 American Community Survey). Rancho Luna Sol is walking distance to Whole Foods and numerous restaurant and retail amenities in downtown Fremont. There are 5,000+ healthcare jobs within one mile of the property and notable employers like Tesla, LAM Research, Boston Scientific, Seagate Technology, and Western Digital just 10 minutes away. The property offers incredible optionality with multiple paths to significant near-term revenue growth. There is a recorded Regulatory Agreement that expires on December 31, 2027, offering an opportunity to reposition the asset as a 100% market rate community and increase rents by $400 to $500 per unit with a modern renovation scope. There may also be an opportunity to increase the current property tax exemption based on the “naturally occurring affordability” of the market rate residents. And finally, a hybrid strategy where some units are renovated and some are tax-abated would likely also produce similarly strong returns.
FREMONT, CALIFORNIA
Rancho Luna Sol
Visit Doc Center
Fremont, CALIFORNIA
Terms of Use
Privacy
Contact
Doc Center
Photo Gallery
Property
Opportunity
Visit Doc Center
Visit Doc Center
PROPERTY
Opportunity
MENU
Terms of Use
Privacy
CONTACT
DOCUMENT CENTER
photo gallery
MORTGAGE BANKING
BRETT BETZLER Senior Managing Director (949) 981-1196 brett.betzler@berkadia.com CA DRE #01330214
JASON PARR Senior Managing Director (415) 407-2106 jason.parr@berkadia.com CA DRE #01323188
SCOTT MACDONALD Managing Director (415) 310-0487 scott.macdonald@berkadia.com CA DRE #01422005
KAOHU BERG-HEE Senior Director (808) 754-0033 kberghee@berkadia.com CA DRE #01986886
JOHN HANSEN Director (415) 3142-5772 john.hansen@berkadia.com CA DRE #02078357
SYDNEY LADRECH Senior Financial Analyst (916) 677-6633 sydney.ladrech@berkadia.com CA DRE #02126658
MATT MCCRUM Senior Financial Analyst (415) 272-2924 matt.mccrum@berkadia.com CA DRE #02143464
BRAYDEN JOEL Financial Analyst (503) 933-9284 brayden.joel@berkadia.com CA DRE #02204506
ALLAN FREEDMAN Senior Managing Director (310) 209-3243 allan.freedman@berkadia.com
BEN HARRIS Senior Director (310) 209-3236 ben.harris@berkadia.com
JAY ABEYWARDENA Managing Director (310) 209-3244 jay.abeywardena@berkadia.com