No, it's not a real estate ad from years ago. It's this year and it's not a tear-down.

Pacific Trail Townhomes is a 16-unit apartment complex that is being sold in individual units owned in a tenancy-in-common arrangement.

The property at 384 Pine Hill Road is just off of Shoreline Highway outside Mill Valley.

The tenancy-in-common arrangement is unusual in Marin, but is something industry experts think has legs.

"We thought it would make it affordable," said Bill Gamble, who bought the property with his wife and son for $2.48 million. "You can't find condos in Marin for less than $400,000."

Referred to as TIC in the industry, tenancy-in-common ownership is a shared arrangement under which the buyer has an interest in an entire property but maintains the right to live in an individual unit.

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