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3/23/17
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Mallard Pointe, a lush, 22-unit resort-like multifamily community in the northern Bay Area suburb of Belvedere, changed hands in a transaction valued at $18.2 mil. The deal works out to $828k/unit, representing the highest per-unit price ever paid for such a development on the West Coast, north of San Francisco, we’ve been told.
Built in 1951 and renovated several times during the past five decades, the development is located on exclusive Belvedere Lagoon, directly across from history-rich Angel Island, a California state park. Belvedere is situated just a mile and half northeast of Sausalito in Marin County.
The property features all two-bedroom units averaging approximately 1k sf in size. Some 16 of the single-story units feature private expansive gardens and private piers on the exclusive Belvedere Lagoon.
The property is located at 1-22 Mallard Dr in Belvedere, just a five-minute walk to downtown Tiburon and the Tiburon/Belvedere ferry to San Francisco’s financial district. It is situated on three contiguous parcels accounting for 2.65 flat acres.
Ryan Wagner of Colliers International, along with Matt Wagner of Paragon Commercial, represented both parties in the transaction. The buyer was an unidentified private investor from the Bay Area. The property, which had been owned by the same family for almost 80 years, was put on the market last year at an asking price of $22.5 mil, or roughly $1 mil per unit.
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