The new owners of Madera Vista—one of Marin's largest if not best-kept apartment complexes—are embarking on a $25 million plan to spruce up the joint, according to today's Marin Independent-Journal, which notes that the aging seven-buliding complex has "sweeping views of San Pablo Bay and easy access to public open space."
Tenants in Building 7 were the first to be told to scram (by June 1). Rents, for anyone who might be thinking of moving back into the 126-unit complex after renovations are finished in three years, will set a Marin record:
Apartment broker Scott Gerber of NorCal Commercial Inc. in Larkspur, said Madera Vista will probably have among the highest rental rates in the county. Average two-bedroom apartments go for $1.76 to $1.79 per square foot in Marin and properties at the high end cost about $2.30 per square foot. He said Stellar could end up asking $3,575 for a 1,300-square-foot two-bedroom unit given their investment, the location and the views.