INVESTMENTS: Marcus & Millichap Lists California Property for $187,500 Per Unit
- Feb 26, 2010
Novato, Calif.– Marcus & Millichap Real Estate Investment Services retained the exclusive listing for Oak Grove Apartments, an 88-unit, 75,666-square-foot luxury apartment complex in Novato, Calif. The listing price of $16.5 million represents $187,500 per unit and $218 per square foot.
Brad Pennington, marcus & Millichap’s first vice president investments and a director of the firm’s National Multi Housing Group in San Francisco, is representing the seller. “Oak Grove Apartments is the premiere multifamily community in this submarket,” says Pennington. “The current ownership has been in place for the past 10 years.”
Nestled into a hillside adjacent to a greenbelt, the property is located at 100-145 Cielo Lane in Novato, Marin County’s northernmost city.
Built in 1998, Oak Grove Apartments sits on six separate parcels of land totaling approximately 6.16 acres. The complex consists of eight three-story residential buildings, seven enclosed garage buildings and a freestanding fitness center. The buildings are wood-frame construction with stucco and wood exteriors on slab foundations. The roofs are pitched-composition shingle and the property has ample parking for 204 cars.
The unit mix is comprised of 55 two-bedroom/two-bath apartments ranging from 893 to 1,089 square feet and 33 one-bedroom/one-bath units ranging from 636 to 870 square feet. The large individual units all have washers and dryers, one-car garages and either a patio or a balcony. Seven storage closets are available for tenants to rent.
Novato is located about 29 miles north of San Francisco and 37 miles northwest of Oakland, Calif. The Golden Gate Bridge links Marin County to San Francisco and the Richmond-San Rafael Bridge connects the county to the East Bay. Marin County is bordered to the north by Sonoma County and to the west by the Pacific Ocean.