Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Sora Apartments, a 250-unit multifamily asset in Union City, California. The property sold for $91.5 million ($366,000 per unit).
“Sora’s location near the Union City-Fremont border provides residents with convenient access to major employers, key transportation corridors and popular retail, dining and recreation options,” said IPA senior director Salvatore Saglimbeni. “The area’s relative affordability in contrast to much of the San Francisco Bay Area make it a popular destination for renters and employers. Both Facebook and Tesla are expanding into the neighboring Ardenwood district of Fremont.”