Bay Apartment Communities Acquires 296-Apartment Home Community in Fairfield, California.SAN JOSE San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , Calif.--(BUSINESS WIRE)--Dec. 21, 1995--Bay Apartment Communities (NYSE NYSE See: New York Stock Exchange :BYA) has acquired The Pointe Apartments, a 296-apartment home community in Fairfield, California Fairfield is a city located in the northeastern portion of the San Francisco Bay Area in Northern California, USA. It is the 239th largest city in the United States. It is approximately 40 miles from both San Francisco and Sacramento, approximately 30 miles from Oakland, and less . Bay paid approximately $18,030,000 in cash for the community, or approximately $60,900 per apartment home. The seven year-old complex has had an average occupancy rate Noun 1. occupancy rate - the percentage of all rental units (as in hotels) are occupied or rented at a given time pct, per centum, percent, percentage - a proportion in relation to a whole (which is usually the amount per hundred) of 96 percent during the past year. Bay expects the community, which has had a 12-month trailing return on cost of 8.9, will be earning a substantially higher return on cost by 1997, even after consideration of acquisition and reconstruction costs. Bay plans to invest approximately $450,000 to refurbish the community. This work will include renovating site drainage, repaving parking areas and repairing and repainting the exterior siding. The community has 130 one-bedroom/one bath; 28 two-bedroom/one-bath and 138 two-bedroom/two-bathroom apartment homes. Resident amenities include built-in microwaves and full-sized washer/dryer connections, as well as two outdoor and one indoor pools, a fitness center, large sauna and indoor spa, tennis court and recreation building. "Purchased significantly below replacement cost, The Pointe is located in a desirable area in the growth corridor between the San Francisco Bay Area “Bay Area” redirects here. For other uses, see Bay Area (disambiguation). The San Francisco Bay Area, colloquially known as the Bay Area or The Bay and Sacramento, one-quarter mile from Interstate 80 and near a regional shopping center shopping center, a concentration of retail, service, and entertainment enterprises designed to serve the surrounding region. The modern shopping center differs from its antecedents—bazaars and marketplaces—in that the shops are usually amalgamated into ," said Geoffrey Baker, chief acquisition and development officer for Bay. Bay Apartment Communities is a fully integrated, multi-family real estate investment trust focused on the acquisition, development, reconstruction and management of high-quality apartment communities in Northern California. With the completion of this acquisition, Bay owns 25 apartment communities containing more than approximately 6,450 apartment homes in the San Francisco Bay Area and Northern California. CONTACT: Bay Apartment Communities Gilbert M. Meyer or Geoffrey Baker, 408/983-1500 |
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