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SAN FRANCISCO-A new 27-unit luxury apartment in the Marina District here has traded hands for $13.9 million, according to one of the advisors in the deal. Magnolia Ventures LLC sold the Magnolia Place Apartments at 3322 Buchanan St. to the aptly named 3322 Buchanan Street LLC.

The mixed-use residential property consists of the 27 units, 10,900 sf of ground floor retail and a 16,500-sf parking garage. The combined property was sold for an average $314,815 per door or upward of $245 per sf.

The acquisition price translates to a capitalization rate of 6.4%, according to the seller. Occupancy at time of sale was not immediately available.

Arroyo & Coates acted as a joint advisor to the seller with Hill & Co. Arroyo & Coates’ SVP Curtis Gardner and senior sales associate Craig Chiappone handled negotiations.

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