Colliers Negotiates Record Per-Unit Price for Exclusive Mallard Pointe Multi-Family Project North of San Francisco in Transaction Valued at $18.2 Million
SAN FRANCISCO – March 22, 2017 – In what is being called the first arm’s length multi-family (5+ units) transaction in the history of the San Francisco suburb of Belvedere, Calif., Mallard Pointe, a lush, resort-like multi-family development has been sold in a transaction valued at $18.2 million, representing the highest per-unit price ever paid for such a development on the West Coast, north of San Francisco, Colliers International has reported. The record per unit price was approximately $828,000.
Senior Vice President Ryan Wagner of Colliers International represented both parties to the transaction, in conjunction with his brother Matt Wagner of Paragon Commercial. The seller was a local private investor who had owned the property for almost 80 years. The buyer was an unidentified private investor from the Bay Area.
Built in 1951 and renovated several times during the past five decades, the development, which is located on exclusive Belvedere Lagoon, directly across from history-rich Angel Island, a California state park, features 22 two-bedroom units averaging approximately 1,000 square feet. Some 16 of the single-story units feature private expansive gardens and private piers on the exclusive Belvedere Lagoon.
“When we won the listing assignment, we knew that this was an incredibly matchless property, a once-in-a-lifetime gem, so we marketed it like you would the Hope Diamond,” said Ryan Wagner. “In retrospect, it had all the hallmarks that a record deal could have, especially its waterfront location, but we never gave that a thought until the offers starting coming in. That’s when we knew we were entering record territory and we were right.”
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