By Jon Peterson
San Francisco-based Sack Properties has continued its Northern California expansion in apartment purchases with the acquisition of the 126-unit The Lofts at Albert Park in San Rafael located at 155 Andersen Drive. The purchase price was $58.6 million, or $465,079 per unit, according to sources that track multifamily transactions across the region.
Sack Properties declined to comment when contacted for this story.
The seller was Eaton Vance Real Estate Investment Group. The property in Marin County was the only apartment asset that the company owned in California, which was a factor in its decision to sell the complex. The listing agent on the sale was Institutional Property Advisors of Palo Alto. The team that worked on this transaction included Phil Saglimbeni, Sal Saglimbeni and Stan Jones, all executive managing directors of investments, and Alex Tartaglia, senior director with the firm.
The sale of the asset attracted a strong investor response, according to industry sources. A group of investors was very interested in the property early on in the marketing process, so much so that IPA did not conduct a full marketing process for the property.
The apartment complex was built in 2001, and it was a stabilized complex at the time of the sale. The main residents in the complex are working professionals, although the property also has a portion of the units considered as affordable housing.
The Lofts at Albert Park has a very favorable location. One of the major employers near the property is Marin Bio, a biopharmaceutical company that is currently looking to expand its campus. The apartment complex is also very close to US Highway 101, which connects the property to one of the most important thoroughfares in the region. Also, the building’s proximity to downtown San Rafael gives the residents access to a number of amenities in the city as well as access to the SMART Train stop.
Sack Properties is known as a buyer and owner of apartment and condo assets. Its investment strategy includes investments that are considered core and value-add properties. It currently has a portfolio of more than 2,500 units that are located in 15 markets along the West Coast. Some of these properties are located in areas including the San Francisco Bay Area, Southern California and Seattle. The real estate investment firm has been part of the emerging manager program run by the California Public Employees Retirement System.