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SAN FRANCISCO-Shea Properties has sold the 151-unit Carrington Apartments in Fremont, CA for $21.55 million, according to Arroyo & Coates, which handled the disposition. Built in 1972 and renovated in 2001, the garden-style complex is 96% leased.

Located at 4875 Mowry, the property has one and two bedroom apartments in multiple floor plans ranging from 560 square feet to 960 square feet. Total rentable square footage is 108,234.

The cap rate for the new owner is 5.7% based on current income. A&C brokers Pedro Arroyo and Jamie Clifford handled the sale.

The new owner is Santa Clara, CA-based VWF Partners LP. The LP’s listed address is 2975 Scott Blvd., Suite 200, which is that of Milton Levin and Cambridge Management.

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