MILL VALLEY, CALIF. — Woodmont Companies has acquired the 38-unit Casa Roja Apartments in Mill Valley, just 14 miles north of San Francisco. Though the purchase price was not disclosed, the deal set a new record for the price paid per square foot for a multifamily property in Marin County, according to Colliers International, which represented the seller. The sales price equates to about $570 per square foot, while the in-place cap rate was in the low 4 percent range.
Casa Roja is located at 396 Pine Hill Road. It is situated just 10 minutes from the Golden Gate Bridge.
The community underwent an extensive renovation over the past 18 months. Common-area amenities include a pool terrace and laundry facilities.
The seller, Red Island Real Estate LLC, was represented by Ryan Wagner, Brad Lagomarsino and James Devincenti of Colliers International.