The Colliers International Capital Markets team has just completed another successful disposition of a 14-unit multifamily property in the coveted Gerstle Park pocket of San Rafael, in central Marin County. The transaction closed in late May, and was put into contract in late March.
Built in 1971, Bayview Apartments is a 14-unit property located at 310 Bayview Street in the Gerstle Park neighborhood of San Rafael. The property features a unit mix of entirely two-bedroom, one-bath units averaging approximately 700 square feet. Approximately 75% of the unit interiors have been extensively renovated during the past five years with quartz countertops, high-end stainless appliance packages, modern vinyl plank flooring, updated lighting and new cabinetry throughout. The property has been impeccably maintained and managed, with new windows, paint and roofing all within the past five years.
The closing price of approximately $6,025,000 represented a cap rate of approximately 4.0% and a price per unit of $430,000. At $618 per square foot, this sale represents the highest price per square foot for any multifamily property over 10 units that has ever sold in San Rafael.
This highly desirable Gerstle Park location offers immediate walking proximity to downtown San Rafael’s shops, restaurants and major employers. Bio Marin, the 2,500-employee pharmaceutical juggernaut, has its world headquarters located six blocks from 310 Bayview.
Ryan Wagner and Brandon Geraldo, both Executive Vice Presidents with the San Francisco office of Colliers International, represented the seller and procured the local 1031 buyer.
This is the seventh multifamily disposition directed by the Colliers multifamily team in 2020, and the fourth closing completed amidst the global Covid-19 pandemic. Currently, the Colliers team has over $125,000,000 in active listings and assets in escrow, representing over 540 units.
Wagner and Geraldo lead of team of multifamily professionals including Vice President Kalah Espinoza and Associate Matthew Flaherty, working in conjunction with their debt team headed by Executive Vice President Jeremy Thornton. In the last 12 months, this Bay Area Multifamily Team of Colliers International has closed or is under contract on over $300MM in multifamily properties throughout the greater Bay Area.
About Colliers International Group Inc.
Colliers International (NASDAQ, TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning approximately 40% of our equity, have delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management.