Marcus & Millichap Sells $16M Luxury Apartment Complex in Novato, CA

NOVATO, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Oak Grove Apartments,(top left photo)  an 88-unit, 75,666-square foot luxury apartment complex in Novato.

The sales price of $16,055,000 represents $182,443 per unit and $212 per square foot.

Brad Pennington (top right photo) , a first vice president investments and a director of the firm’s National Multi Housing Group in San Francisco, represented the seller, a local family partnership, and the buyer, a San Diego-based owner/operator of apartment communities, condo-conversion projects and office buildings throughout California.

“Oak Grove Apartments is the premier multifamily community in this submarket,” says Pennington. “The previous ownership had 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.

Marin County is bordered to the north by Sonoma County and to the west by the Pacific Ocean.

Tina Stauffer of Portland office Promoted to Vice President

ENCINO, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has named Tina Stauffer (middle right photo)  vice president, according to Richard H. Peltz, (middle left photo)  senior vice president and chief information officer.

 As director of applications, Stauffer leads the firm’s application development team. Stauffer is located in the firm’s Portland office.

“Under Tina’s direction, the application development team has built, deployed and enhanced many tools that assist our agents in closing more transactions than any other brokerage firm in the United States,” says Peltz. “Her passion is creating tools to accelerate and simplify the transaction cycle and to create applications that satisfy clients and agents.”

Stauffer joined Marcus & Millichap in February 1999 as the operations manager for the Seattle office. In October 2000, she transferred to the Information Services department as a project manager in applications. Stauffer has been director of applications for the firm since 2007.

$26.5M in Bond Financing Arranged by Marcus & Millichap Capital Corp.

VALMEYER, IL– Marcus & Millichap Capital Corporation (MMCC) has arranged a $26.5 million refinancing package for the U.S. National Archives and Records Administration (NARA) National Personnel Records Center (NPRC) Annex Facility in Valmeyer. The property is a 398,862-square foot Class A office building.

Chad O’Connor, (lower right photo)  a senior director in the firm’s San Diego office, arranged the loan for the property.

“Bond financing has many long-term benefits and provides a hedge against inflation in today’s volatile market,” says O’Connor.

“Below-market interest rates, higher loan to values, nonrecourse and better execution are just a few of the benefits offered in executing a bond deal.

"However, bond financing is only available for larger single-tenant investment-grade-rated tenant buildings,” adds O’Connor.

The loan has a 5.35 percent interest rate, fixed for 18 years with an 18-year amortization.

“The property in this transaction possessed unique construction and build-out features,” continues O’Connor. “The facility was built in the side of a mountain inside retrofitted limestone mining caves.

"The caves provide superior climate control for archival record storage, which giving the records a longer lifespan. We were able to source a lender that had recently done a similar transaction for NARA in a location nearby.

"The lender was familiar with the tenant, their operations and the location, which made the closing process much easier,” adds O’Connor.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716