By Jon Peterson
New York City-based Vanbarton has made a $60 million investment for partial ownership stake in The Cove apartment complex in Tiburon, according to sources that are familiar with this property.
Vanbarton declined to comment when contacted for this story.
The manager and major owner of the property is San Francisco-based Maximus Real Estate Partners who participates in the ownership with its other investors. Part of the previous ownership of the property was held by the Lightstone Group, which is no longer involved with the property.
The transaction on The Cove is the first time that Vanbarton has completed a transition with Maximus. Maximus Real Estate stated in an email that “Vanbarton shares our long-term vision for The Cove as a best-in-class, life-style driven community.” The 284-unit apartment complex now has a current occupancy in the range of 98 percent to 99 percent.
The Cove property is located at 50 Barbaree Way. Maximus and its partners recently completed a multi-year renovation on the property in excess of $50 million, which was spent to improve the asset. The work included upgrading the interiors, landscape, community gathering places and the private marina.
The property is located in a market that has many attractive features. One part of this is extremely high barriers to entry with very few new development projects ever receiving approval. Tiburon also has very strong rental demand, good access to San Francisco and a strong school system.
Vanbarton is a major owner of real estate assets in many major markets across the country. This includes a mixture of both office buildings and apartment assets in which the real estate manager invests on behalf of major institutional investors.