CORTE MADERA, Calif.--(BUSINESS WIRE)--Corte Madera Vice Mayor Diane Furst and Town Councilmember Carla Condon joined representatives from Apartment Investment and Management Company (Aimco) at a ceremony this morning to launch the $32.6 million renovation of Preserve at Marin (formerly Madera Vista).
“We are delighted to be part of the Corte Madera community and to invest in this unique property, which is so well located in Marin County, a highly desirable market for Aimco”
The project will bring 126 luxury apartment homes to the Town of Corte Madera. It will involve the renovation of seven buildings - including six, 2,000+ square foot penthouse apartments with 400 square foot rooftop decks, the construction of a 1,500 square foot clubhouse with a state-of-the-art fitness center, and extensive landscaping to take full advantage of the tremendous views.
“We are delighted to be part of the Corte Madera community and to invest in this unique property, which is so well located in Marin County, a highly desirable market for Aimco,” said Aimco Chief Administrative Officer Miles Cortez. “Today’s groundbreaking is the result of a strong partnership with the Town of Corte Madera. We thank you for extending such a warm welcome to us, and we look forward to creating a first-class apartment community which will attract new residents and investment to your wonderful town.”
“We are happy that Aimco has chosen to undertake a major renovation, which will provide 126 very attractive apartments to our town,” said Vice Mayor Furst. “Corte Madera has a lot to offer, and Aimco’s decision to invest in our town is a strong indication of the desirability of this community.”
“I am thrilled to be part of this historic day and to join with our town officials to welcome Aimco to our neighborhood,” said Councilwoman Condon. “I have been quite pleased to follow Aimco’s plans to transform this property, and I am encouraged by their focus on providing high quality homes while respecting the natural beauty of our unique surroundings. The Preserve is truly a beautiful enhancement to our Corte Madera community.”
The renovation of Preserve at Marin, set for completion by the third quarter of 2014, will include the exterior and interior rehabilitation of all seven existing buildings, and redesign of all apartment units to feature large bay windows, modern kitchens, and upscale finishes. The new resident clubhouse will offer a number of social gathering areas including a zero edge pool, wine bar, and outdoor fire pits. Preserve at Marin is in an ideal location, terraced along the side of Ring Mountain, with spectacular view of Mount Tamalpais and The Bay. The property is just north of San Francisco, and only three miles from the Corte Madera Town Center.
Aimco is a real estate investment trust headquartered in Denver, Colorado that owns and operates a geographically diversified portfolio of apartment communities. Aimco, through its subsidiaries and affiliates, is one of the largest owners and operators of conventional and affordable apartment communities in the United States, with 319 properties serving approximately 250,000 residents each year. Aimco's properties are located in 29 states, the District of Columbia and Puerto Rico. Aimco common shares are traded on the New York Stock Exchange under the ticker symbol AIV and are included in the S&P 500.