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Colliers International Arranges Novato Residential Land Sale for $9MM

Novato Land Sale Large

WALNUT CREEK, CA JULY 30, 2018 – Colliers International announced today that it has brokered the sale of two residential land parcels in Novato, CA comprising approximately 3.7 acres located at 7533 and 7537 Redwood Boulevard in the inventory constrained Marin County submarket.  The development known as Atherton Place sold for $9MM, and included all Vesting Tentative Map approvals.   The 50-unit townhome condominium project is located approximately one half mile from the central Novato downtown district, and less than a half mile to the new Sonoma-Marin Area Rail (SMART) station.

Colliers International Executive Vice President Bruce Bauer and Senior Vice President Rich Martini based in the brokerage firm’s Walnut Creek office represented both the buyer, a national public homebuilder, and the local private seller.

“The severe shortage of new residential ‘for sale’ housing in Marin County, and the City of Novato in particular, as well as the proximity of the site to the central downtown district and the SMART train station generated significant interest and offers to purchase from both public and private home builders”, said Bauer.

“A residential development site of the size and scope of Atherton Place with Vesting Tentative Map approval is extremely rare to find in one of the hottest and most affordable Marin County submarkets. 

Our marketing efforts generated 8 offers from a wide variety of home builders looking to deliver new homes in an area where new residential construction has been severely constrained”, added Martini.

The Atherton Place development includes 12 buildings, each 2 and 3 stories comprising 50 townhome condominium units.   There are 9 different floor plans offered, ranging in size from 1,521 to 2,033 square feet, and include 2, 3 and 4 bedrooms with 2 to 3.5 baths.  Each unit in the development includes a garage suitable for 2 cars side by side.

For further information, please contact:
Rich Martini, Senior Vice President
Investment Services, Colliers International
Phone: 925-279-4614

About Colliers International Group Inc.
Colliers International Group Inc. (NASDAQ and TSX: CIGI) is top tier global real estate services and investment management company operating in 69 countries with a workforce of more than 13,000 professionals. Colliers is the fastest-growing publicly listed global real estate services and investment management company, with 2017 corporate revenues of $2.3 billion ($2.7 billion including affiliates). With an enterprising culture and significant employee ownership and control, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide, and through its investment management services platform, has more than $20 billion of assets under management from the world’s most respected institutional real estate investors.
Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice to accelerate the success of its clients. Colliers has been ranked among the top 100 global outsourcing firms by the International Association of Outsourcing Professionals for 13 consecutive years, more than any other real estate services firm. Colliers is ranked the number one property manager in the world by Commercial Property Executive for two years in a row.
Colliers is led by an experienced leadership team with significant equity ownership and a proven record of delivering more than 20% annualized returns for shareholders, over more than 20 years.

 Download the press release here: 2018 07 Colliers Arranges Novato Residential Land Sale