|
|
9/01/15
|
Two Bay Area multifamily developments totaling 90 units were purchased by private investors in separate deals. The properties, Marin Gardens and Skyline Vista Apartments, are both located within a 15-minute commute to San Francisco.
Marin Gardens, San Rafael |
 |
|
Colliers Senior Vice President Ryan Wagner represented all parties in both of the deals. The purchase price of each property was not disclosed.
In one of the transactions, Marin Gardens, a 46-unit apartment property in San Rafael that had been owned by the same owner for over 15 years, was acquired by regional multi-family investment firm Interstate Equities Corporation (IEC). Built in 1964, the property features a mix of mostly one-bedroom units in original condition.
According to Wagner, the property has been well maintained, but still offers significant upside potential through cosmetic upgrades that will help it compete with nearby institutionally-owned multi-family assets, where recent rentals are double the existing average of Marin Gardens. New owner IEC, which has closed $350 mil in previous transactions, specializes in repositioning strategies for such properties.
The other purchase was of Skyline Vista Apartments, a 44-unit property in the peninsula municipality of Pacifica that was extensively renovated over the past 18 months. The asset consists of entirely two-bedroom/two-bath units, averaging 1k sf each.
“The recent renovations and large floor-plans offer an excellent alternative to the high-cost of living in San Francisco, where rents for comparable units are 50-75 percent higher,” said Wagner. “The asset was sold to a local investor who wanted to add to his existing Bay Area portfolio.”
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
