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Marcus & Millichap completes sale of Redwood Meadows senior property
The 101-unit community in Willits sold for $10.8 million, or $106,931 per unit, with potential to add up to 15 units under initial city approval.
ConnectCRE reports that Marcus & Millichap closed the sale of Redwood Meadows, a seniors multifamily property located at 1475 Baechtel Rd. in Willits.
The deal covered a 101-unit active senior apartment community built in 1989, which sold for $10.8 million, equivalent to $106,931 per unit.
According to ConnectCRE, the site is on a 7.18-acre parcel and includes land with initial city approval for up to 15 additional units, which the seller said supports expansion potential.
ConnectCRE also said Marcus & Millichap managing director investments Isaak Heitzeberg represented the seller, TCC Properties, and helped procure the buyer, Echelon Communities.