San Rafael, CA (June 23, 2017) – Meridian Commercial President Matt Brown announced today that his firm has completed the acquisition of a 20-unit multifamily community in San Pablo on behalf of the buyer, a private family.
The $3.675 million acquisition closed with the buyer using a 1031 exchange to complete the sale. Samuel Ko with Meridian Commercial represented the buyer in the transaction.
Built in the early 1960s, the property features five buildings – each with four apartment units, all of which have two bedrooms and one bathroom. Four of the units are townhouse style with separate enclosed garages. Located at 10, 23, 24, 35, 47 Alan Court in San Pablo, the apartments are about a half mile from Interstate 80.
“This was a challenging and competitive sale to complete. With persistence and our in-depth experience, however, we were able to complete the sale on time,” said Samuel Ko.
The buyer secured 30-year fixed-rate financing at favorable rates and terms, Ko reports.
About Meridian Commercial
Meridian Commercial is a locally owned real estate services firm dedicated to strengthening the economy through encouraging and advocating transactions that work for all parties. Located in San Rafael, California, Meridian Commercial real estate advisory serves clients in the leasing and sales of light industrial, office and retail properties in Marin and Sonoma Counties. Founded in 2009, the firm has offices in San Rafael and Petaluma.