San Rafael, Calif. (June 6, 2017) – 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has acquired 355 Canal Street in San Rafael, California. The 42-unit community consists of one-, two- and three-bedroom units and is located just east of Hwy. 101 and I-580, which provide access to San Francisco and Oakland.
29SC plans to strategically invest $560,000 in capital improvements. Interior upgrades will focus on kitchens, bathrooms and flooring. Exterior renovations will include roof repairs, fresh paint, energy-efficient lighting, landscape upgrades and parking lot improvements.
“We are excited to expand into Marin County and continue our growth in the Greater Bay Area,” said Casey Davis, 29th Street Capital’s Vice President of Acquisitions for Northern California. “This community is in a highly-sought after submarket with strong fundamentals and growing demand.”
Marin County offers families a highly-rated school district and an alternative to the highly-competitive private school admission process in San Francisco. The school district, along with extremely high median home values, results in significant demand for affordable rental housing. The community also provides its residents with proximity to many daily conveniences – including Trader Joe’s, Whole Foods and Target – and is less than two miles from downtown San Rafael.
“355 Canal is in a high-demand multifamily neighborhood and provides its residents with great accessibility to downtown San Rafael and other parts of Marin County,” Davis added. “We plan to greatly improve the quality of the property and provide current and future residents with a desirable place to live.”
The transaction closed May 30. The sale price was not disclosed.
29th Street Capital acquired 15 multifamily assets over the past 12 months and continues to actively pursue additional opportunities throughout the U.S. The firm will continue to target strategic value-add deals that are below the institutional radar, with the intention of offering its investors above-market returns.
Formed in 2009, 29SC is a privately-held real estate investment and advisory firm that employs a value-added investment strategy in acquiring properties that fall below the radar of institutional peers. 29SC’s multifamily portfolio consists of more than 7,600 units and it has acquired over 9,600 units across its 12 offices in the U.S. Investments typically require approximately $10 to $50 million of total capital and involve the acquisition or recapitalization of real estate assets, portfolios or platforms. Learn more about 29SC at www.29thstreetcapital.com.