Arroyo & Coates Negotiates $6.6 Million Sale of Marin County Apartments
September 28, 2010

San Francisco, CA (September 2010) -- Arroyo & Coates announced today that it acted as advisor to Marin Gardens, LLC in the $6,600,000 disposition of Marin Gardens, a 32-unit multifamily community in the southern Marin County city of Corte Madera, CA. The property was acquired in just 35 days by an entity controlled by Sack Properties of San Francisco, CA.

Originally constructed in 1961 and extensively renovated in 2008, Marin Gardens is located near the intersection of US-101 and Tamalpais Drive in Corte Madera, 10 minutes north of the Golden Gate Bridge and in close proximity to extensive retail options. The extraordinarily low-density property is composed primarily of two bedroom townhome units in four buildings surrounding a central pool and recreation deck on nearly 3.5 acres. Sack Properties will add the property to its existing portfolio under the new name CorteBella.

The seller was represented in the transaction by Nathan Blair and David Silver of Arroyo & Coates. The buyer acted on its own behalf. “We were able to move quickly and close the transaction in 35 days. The southern Marin location mixed with favorable Fannie Mae debt provided an excellent opportunity for our investors”, said Jeff Smith, Chief Executive Officer of Sack Properties.

Since 2003 the Arroyo & Coates | California Multihousing Group team has participated in the sale of more than 8,800 multifamily units on a total volume of more than $1.3 Billion. Specializing in the sale of multifamily income properties, Arroyo & Coates provides a wide range of commercial real estate brokerage services for corporate and private investors throughout California and the West.