Corte Madera Multifamily Trades for $21M

Parc Marin, a 32-unit boutique rental community in Corte Madera, CA, has sold for $20.5 million, or $640,625 per unit and $636 per square foot. According to the sale announcement, this price per unit establish new record highs for the Corte Madera multifamily submarket.

Marcus & Millichap’s (MMI) Erich Reichenback represented the seller, a joint venture of Throckmorton Partners and The Pratt Company. Originally built in 1961, the partners had substantially renovated the property in 2017. Additonally, Parc Marin is close to The Village at Corte Madera shopping center and 2.7 miles from the Golden Gate Ferry’s Larkspur Terminal.

According to MMI’s Reichenbach, “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,”, first vice president investments in Marcus & Millichap’s San Francisco office.

For comments, questions or concerns, please contact Chris Egger