NOVATO, Calif., Jan. 27, 2017 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of a 10-building, 40-unit, condominium complex in Novato, California. The $10.5 million sales price equates to more than $350 per square foot.
“Chances to purchase large value-add multifamily assets in northern Marin County are few and far between,” says Erich Reichenbach, senior associate in Marcus & Millichap’s San Francisco office. “This investment real estate asset is composed of 40 separate individual condominiums with an ownership structure that gives the new owner a variety of options for maximizing value. With the right repositioning, there is significant upside to be gained here in what is one of the Bay Area’s strongest rental markets.”
Reichenbach represented the individual, private sellers and procured the buyer, a local owner/operator of multifamily properties throughout Marin and Sonoma counties.
Built in 1965, the complex is located at 335 Enfrente Road in Novato, about 30 miles north of San Francisco.
About Marcus & Millichap (NYSE: MMI)
With over 1,600 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 8,700 transactions in 2015 with a value of approximately $37.8 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit:www.MarcusMillichap.com