Union City apartment property purchased well below assessed value
UNION CITY — An East Bay apartment complex with hundreds of units was bought in a deal that points to an uncertain multifamily residential market in this part of the region.
The Union Flats, a 243-unit multifamily property in Union City, was acquired for $81.6 million by an alliance of California real estate investors, according to documents filed on March 28 with the Alameda County Recorder’s Office. That price is 18.4% below the $100 million value the apartment complex had in January 2024.
Open spaces and swimming pool area of The Union Flats, a 243-unit, four-story apartment complex at 34588 11th Street in Union City. (David Baker Architects)
Beverly Hills-based Camden Pacific Partners and San Francisco-based The Roxborough Group teamed up through an affiliate to make the purchase.
An alliance headed up by Bay Area real estate firms Windflower Properties and CityView developed The Union Flats, which opened to tenants in 2018.
Street-level view of The Union Flats, a 243-unit, four-story apartment complex at 34588 11th Street in Union City. (David Baker Architects)
Windflower and CityView were also the sellers of the apartment complex, which was built through a cost-savings process known as modular construction.
The Union Flats, at 34588 11th St., is within walking distance of the Union City BART Station.
The property offers amenities such as a barbecue, outdoor dining area, swimming pool, fitness center, fire pit, a communal kitchen, dog spa and a lounge, according to Apartments.com.
The impact of shifting property values extends well beyond a survey of the local real estate economy. Property value trends can impact revenue for an array of public agencies.
If real estate values turn soft in a jurisdiction, that could crimp a crucial revenue stream for city, county and regional agencies, and school districts.
