(EDITOR’S NOTE: According to public documents, the sale on the property closed on November 16th, and the price was $32,130,000.)
San Rafael, CA (December 8, 2021) — Newmark is pleased to announce the sale of Second and B Street (“815 B Street”), a newly constructed, 41-unit multifamily mixed-use development in downtown San Rafael, California, just north of San Francisco in affluent and severely supply-constrained Marin County. Completed in June 2021, the building was 75% leased and occupied at sale closing.
Newmark Executive Managing Directors Haden Ongaro and Mark Leary, Managing Director Jay Cross and Director Rob Ledoux represented the seller, Monahan-Parker, and procured the buyer, Napa-based Channel Properties.
“Through its initial lease-up, the development has achieved lease rates exceeding $3,500 for one-bedroom apartments and $4,500 for two bedrooms, demonstrating its strong appeal to lifestyle-oriented renters who appreciate walkability to San Rafael’s many cafes, restaurants and downtown amenities, including commuter rail,” said Cross.
Developed by San Rafael-based Monahan-Parker and Monahan-Pacific, the elegant, four-story building features spacious one- and two-bedroom residential units with high-end interior finishes, controlled-access ground floor parking and 2,500 square feet of retail space. All residents have access to shared rooftop amenities including large common area, kitchen, barbeque, and deck with dramatic views of Mount Tamalpais, downtown San Rafael and the San Francisco Bay.
Second and B Street is the first luxury apartment development of scale in downtown San Rafael and helps meet the strong demand for transit-oriented, upscale rental housing and affordable housing (15% of units are rent-restricted).
The urban infill development is in a vibrant, walkable neighborhood featuring dozens of restaurants, cafes, microbreweries, boutique shops, the acclaimed art deco Smith Rafael Film Center, a new five-story AC Marriott hotel (under construction) and is a short walk from San Rafael’s new SMART rail station. The property is just three blocks from the headquarters of BioMarin, the growing $15 billion bio-tech firm.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues in excess of $2.5 billion for the trailing twelve months ending September 30, 2021. Newmark’s company-owned offices, together with its business partners, operate from over 160 offices with approximately 6,200 professionals around the world.