Newmark[1] 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.