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North Bay Multifamily Hits Record Per-Unit Price

BELVEDERE, CA—The 22-unit apartment property, of which 16 feature private gardens and docks on the Belvedere Lagoon, was owned by the same family for almost 80 years and fetched the highest price for a West Coast development.

Belvedere multifamily Some of the Mallard Pointe units feature private piers on the Belvedere Lagoon.

BELVEDERE, CA—In what is being called the first arm’s length multifamily transaction in the history of this San Francisco suburb, Mallard Pointe located at 1-22 Mallard Dr. has sold. The transaction was valued at $18.2 million, representing the highest per-unit price ever paid for this type of development on the West Coast, according to Colliers International. The record per unit price was approximately $828,000.

The seller was a local private family investor who had owned the property for almost 80 years. The buyer was an unidentified private Bay Area investor. Senior vice president Ryan Wagner of Colliers International represented both parties of the transaction, in conjunction with his brother Matt Wagner of Paragon Commercial.

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Lisa Brown

Lisa Brown

Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.

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