MILL VALLEY, CA—Colliers International recently closed the sale of the 38-unit Casa Roja Apartments, which set a new market record for price paid per square foot for a multifamily asset, company officials say.
The sale price for the property equates to approximately $570 per square foot, a new record for a multifamily property (5+ units) in Marin County. The in-place cap rate was in the low 4% range, according to Colliers vice president Ryan Wagner who, along with the firm's Brad Lagomarsino and James Devincenti, represented the property owner, Red Island Real Estate LLC.
The buyer of the property was Woodmont Companies, a diversified real estate investment and management organization headquartered in Belmont, CA.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
