The San-Francisco based Multifamily Capital Markets team of Colliers International represented the seller and procured the buyer in a 40-unit multifamily sale in San Rafael, California. The $11.2M price equated to approximately $280,000 per unit, setting a new high-water mark in the Canal submarket for multifamily asset over twelve units.
The property – Marina Gardens Apartments, is located at 129 & 137 Canal St, and all units feature two-bedroom one-bathroom layouts with balconies. The two building, 40-unit property was originally constructed in 1962.
Vice President Kalah Espinoza led the Colliers International team involved along with her team of Senior Vice President Ryan Wagner, and Senior Vice President Brandon Geraldo. According to Espinoza, “The seller was seeking the opportunity to diversify his real estate portfolio, and our team helped him identify the right point in the market cycle to sell.”
The Canal submarket of San Rafael is one of the most highly sought after work force housing markets in the Bay Area. The district offers excellent public schools, a warm community feel and reasonable access to some of the highest-paying employers in the country. Properties over five units are rarely available in this submarket.
The pricing achieved in the process sets a new record for the Canal as the highest price ever to sell in the highly desirable enclave. According to Espinoza, “Our team was able to identify a buyer looking for an asset with strong upside potential and long-term market resiliency.” Wagner adds, “Given the limited product and relative few transactions that take place in this North Bay submarket, our team was able to achieve maximum pricing while delivering a highly-coveted supply-constrained property.” The appeal for rental properties with strong cash flow and class-C market rents remains strong amidst rising interest rates and a softening rental market.
Over the past four years, the Colliers Multifamily team of Wagner, Geraldo and Espinoza have brokered 56% of all market-rate multifamily sales over 14 units in Marin County. We have also set record pricing in 1) Marin County – Highest price/unit ever sold, 2) Pacifica – Highest price/unit ever sold, 3) Daly City – highest price/SF ever sold as well as 4) Los Gatos for a 5-unit property in 2015 at $570,000 per unit.
The Colliers Multifamily Capital Markets team is led by Senior Vice Presidents Ryan Wagner, and Brandon Geraldo, and includes Vice President Kalah Espinoza and Coordinator Kim Koch. In 2017, their team represented buyers and sellers in over $200 Million dollars in multifamily sales throughout the Bay Area and they have closed in excess of $87 million dollars in sales in 2018.
About Colliers International Group
Colliers International Group Inc. (NASDAQ and TSX: CIGI) is an industry leading global real estate services company with 15,000 skilled professionals operating in 68 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting.
Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice that helps clients accelerate their success. Colliers has been ranked among the top 100 global outsourcing firms by the International Association of Outsourcing Professionals for 12 consecutive years, more than any other real estate services firm. Colliers also has been ranked the top property manager in the world by Commercial Property Executive for two years in a row.
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