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NOVATO, CA-The 136-unit Westside Terrace apartment complex here has changed hands for $20.4 million. Pacific Bay Co. LLP sold the property to Fairfield Wyndover, a California-based limited partnership that acquired the asset with tax-exempt bond financing. As part of the acquisition, the property is now a is fully regulated affordable housing project with a new name, Wyndover Apartments. Wyndover is located at 805 Diablo Ave. and occupancy is currently 97%. The property was constructed in 1963 as four individual complexes. The sale includes 115,670 rentable sf on 5.4 acres. The unit mix is composed of 58 two-bedroom, one-bath units of approximately 944 sf and 78 one-bedroom, one-bath units of approximately 781 sf. Complex amenities include two swimming pools, a children‘s play area, large laundry room, fitness center and community room. Rents are currently at $1.33 per sf, while the sale price represents $177 per sf.

Brad Pennington, a senior investment associate in Marcus & Millichap’s San Francisco office, had the exclusive listing to market the property on behalf of Pacific Bay Company LLP and also secured the buyer.

“High barriers to entry into the multifamily market [in Marin County] along with the expense of homeownership in the area assure upside in this property as an investment,” notes Pennington. “Its current well-below-market rents contribute to the investment’s strength.”

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