Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Parc Marin, a 32-unit boutique rental community in Corte Madera, California. The $20.5 million sales price equates to $640,625 per unit and $636 per square foot. The price per unit and price per square foot establish new record highs for the Corte Madera multifamily submarket.
“Parc Marin has a 3.4-acre, park-like setting and a private, condominium-quality environment unmatched by any other apartment community in southern Marin County,” said Erich Reichenbach, first vice president investments in Marcus & Millichap’s San Francisco office. “The property is supported by strong demographics such as one of the lowest unemployment rates, the third-highest median household income level and the highest personal income level of any county in California.” Reichenbach represented the seller, Throckmorton Partners and The Pratt Company.
Built in 1961 and substantially renovated in 2017, the property is close to The Village at Corte Madera shopping center and 2.7 miles from the Golden Gate Ferry’s Larkspur Terminal. Corte Madera is an affluent town of nearly 9,425 residents 12 miles north of San Francisco. The average annual median household income is $134,902 and the average price of a single-family home is $1,650,900.