Petaluma, CA (February 8, 2019) – Basin Street Properties completed the sale of the 90-unit Marina Crossing Apartment complex in Petaluma to Sonoma State University on February 7, 2019. It will be used for faculty and staff housing.
The completed project is a multifamily, four- and five-story complex on a 2.17-acre parcel adjacent to the Petaluma Marina. The complex, located roughly 10 miles south of Sonoma State’s campus, will be leased to faculty and staff.
Basin Street Properties and Sonoma State initiated a purchase agreement in mid-November while the project was under construction. The building has obtained the certificate of occupancy from the City of Petaluma. “The City of Petaluma and Metcalf Builders have been true partners in this project,” said Matt Sherrill, Vice President of Construction at Basin Street Properties. “Their hard work, collaboration and problem solving made the project a success.” Basin Street Properties will provide property management services for Marina Crossing.
“We are excited to complete the sale to Sonoma State University,” said Matt White, CEO of Basin Street Properties. “The apartments provide an immediate solution to help address Sonoma State’s housing demands and the sale is a good outcome for everyone.”According to a recently completed housing demand study, the University is currently in need of housing for faculty and staff “This arrangement is going to help us address our housing needs four to six years sooner than if we had to build it ourselves,” said Joyce Lopes, Vice President for Administration and Finance and Chief Financial Officer for SSU. “We also end up taking ownership of a high-quality project, which will be a tremendous asset for us.” “The housing shortage continues to be an issue for Sonoma County,” said Matt White. “We look forward to future opportunities to help address these challenges.”
About Basin Street Properties
Basin Street Properties, established in Petaluma in 1974, is one of Northern California’s and Northern Nevada’s most prominent developers, investors and managers of commercial properties. Basin Street is widely recognized for its office, retail, hospitality, multi-family and mixed-use developments. The company offers a broad range of real estate services, including development, property management, construction management, financial and asset management, and property acquisition and disposition. For more information visit basin-street.com.