Mill Valley eye sore apartments received more than a facelift, getting some love from a Bay Area investment group.
RIRE Workwear, LLC purchased Casa Roja, a 38-unit apartment complex on Pine Hill Road, in May, spending the last four-months renovating the facility, they say, has been deteriorating over the last 10-years.
“My company purchased the previously run-down property and have completed an extensive exterior and interior remodel to Class-A standards,” explained managing partner, Jim Ebert.
Attention to detail was a priority for the group.
The unit interiors were gutted to the studs, rebuilt with new, sleek, modern kitchens including: stainless appliances, quartz counters, huge eating islands, recessed and pendant lighting and modern floors. The bathrooms and common areas have also been redesigned, and storage space improved.
On the outside, parking space was expanded and repaved, dumpsters were hidden, curb appeal was added, and the pool/barbecue renovations are nearly complete.
Ebert says that their goal was to maintain as many of the existing residents, keeping prices at current market rent. Many tenants were happy to upgrade to new lease agreements.
“We respect that this is their home; we took their desires and suggestions into account, and tenants are very happy with the improvements,” he said, “Unfortunately in Marin County, most landlords don't make the investment to update their units because of the steady demand and high rents. We feel differently; we feel that people should have the opportunity to live in a rental apartment that is at least as nice as a for-sale condo.”
This is the tenth such investment focused on materially upgrading apartments that RIRE Workwear, LLC has completed in the Bay Area, but the first in Marin County.“I have always wanted to own a complex in Marin,” says Ebert, “I live in Marin and want to help to maintain its appeal.”
Casa Roja currently has no vacancies, and they do not expect to have availability until after the first of year.