Mill Valley M-F Asset Commands Record-Setting Price
- Jan 22, 2015
Woodmont Cos. recently acquired a Marin County multifamily asset in a deal that set a new Bay Area record for price per square foot. The Belmont-based buyer acquired Casa Roja Apartments in Mill Valley for about $570 per square foot from Red Island Real Estate L.L.C. of Sausalito.
The transaction was arranged by a Colliers International team of Vice President Ryan Wagner, Brad Lagomarsino and James Devincenti, who worked on behalf of the seller.Red Island had acquired the property as part of its strategy of picking up what it called “irreplaceable assets” and bringing them to Class A levels.
Casa Roja Apartments is a 38-unit multifamily asset located on the southern end of Marin County, in the proximity of the Golden Gate Bridge. The property offers an amenity package that includes a large central pool terrace, laundry facilities, and elegant interiors.
The property was completed in 1964, and Red Island renovated it extensively during the past 18 months. Improvements include new flooring, new windows, roof replacement, reconstructed common area hallways, new entry, plaster coating on walls and ceilings, new heating and air conditioning units and new kitchens and bathrooms. According to a statement, the new owner is continuing the improvements.