24-Unit Mill Valley Apartment Complex Sells for $18MM

NAI Northern California, Central Valley Homes Apartments, San Francisco, Bay Area, NAI Global, Lipsey, Mill Valley

MILL VALLEY, CA (June 7, 2019) –  NAI Northern California is pleased to announce the sale of Central Valley Homes Apartments, a 24-unit project constructed in 1988 and offered for the first time in 2019. Joby Tapia represented the Seller in the transaction, and said that despite “some tremendously difficult challenges,” they were able to successfully close the transaction at the $18,000,000 asking rate with multiple offers and ongoing construction during escrow.

Among the obstacles he encountered was a water intrusion event, which added substantial complexity to the deal, as well as having to organize multiple bids and contracts with several vendors and maintain insurance compliance throughout the process. The effort was well-rewarded, though, as the Seller wrote affectionately of Mr. Tapia’s “excellent service to Central Valley Homes, not just for the sale … but also for [his] advice and expertise on countless property management issues.”

Central Valley Homes Apartments consisted of 24 three-bedroom units with individual APNs and significant upside on the rents, as well as potential condo exit. One-third of the units were highly refurbished and attracted rents approaching $3.00/SF, while the remaining units offered investors the opportunity to continue a value-add strategy that allowed for $1,000+ rental increases per un-renovated unit.

About NAI Northern California

NAI Northern California is a full service commercial real estate firm serving the San Francisco Bay Area and beyond. Our team delivers technology-enabled commercial real estate services that create value for our clients, industry, and communities.

NAI Northern California is a partner of NAI Global, the largest commercial real estate brokerage network with more than 400 offices worldwide and over 7,000 professionals completing in excess of $20 billion in commercial real estate transactions globally.

Recently on the San Francisco Business Times Book of Lists, NAI Northern California hit the top 5 and 6 spots in San Francisco and the East Bay and top 15 Bay Area wide. NAI Northern California is part of the NAI Global network, recently recognized by Lipsey as the number 4 most recognizable commercial real estate brand.

About Joby Tapia

Joby is an accomplished Multifamily Executive with over 20 years experience managing commercial and multi-family assets, including market rate and rent-controlled properties, for both private and institutional owners throughout Northern California. With his strategic, creative and entrepreneurial skill set, he was able to generate millions of dollars in excess value by implementing budget-appropriate measures to generate the best possible market rents while maintaining a strong focus on the ROI of renovation/turnover dollars.  Leveraging his operational and market expertise with his detail-oriented and analytical approach, he has successfully closed numerous difficult deals, generating maximum benefits to his clients.

West Coast Commercial Real Estate News