US - Jacksonville, FL
440 Unité de mesure
Jones Lang LaSalle, Inc. (“JLL”) is pleased to present the opportunity to acquire 33 North (the “Property”), a modern, condo-specification, 82-unit luxury apartment home community located in tranquil San Rafael, California.
Originally built as an ultra-luxury condominium project, 33 North offers of the largest units in all of Marin County, most with some of the largest outdoor patios and terraces in the entire county. The property is located in the rolling hills of San Rafael, proximate to transportation north and south on 101, and walking distance to Marin County Farmer’s Market - one of the largest farmer’s markets in the state of California.
While the cost of homeownership has expanded astronomically in the last six months, the relative value of expansive high-quality rental product in this central Marin County location will experience outsized rent growth for the next several years. Average home values in Marin County hovered around $1,400,000 as of November 2022, and with the relative cost of this entry-level homeownership hovering at around $10,000 per month, 33 North offers an exceptional value and a high-quality lifestyle in one of the most sought-after markets in the Nation.
Marin County is an exceedingly difficult market to build net new construction, and with the continuing escalation in the cost of construction, this type of product will be nearly impossible to ever replicate in the Marin County vicinity.
The 2012 construction offers modern living amenities and clean open floor plans, with opportunities to further enhance the resident experience. Interior materials and finishes can be upgraded to a more contemporary level and resident perks such as valet waste, concierge services, and additional EV parking spaces can add substantial revenue to a demographic where median incomes are above $130,000 and current unemployment rates are hovering around 2.2% (October 2022).
Boutique, Luxury Design Condo Build
Originally built as a condominium project, 33 North offers exceptionally large apartment homes (1,217 SF on average) with high-end condo-spec finishes, making it one of the most highly differentiated products within the greater market. In fact, 33 North is 1 of only 5 properties within Marin County that have more than 50 units with average unit size of 1,200 SF, which represents less than 1% of the total residential stock in Marin County.
Zero New Supply Slated To Deliver Over The Next 10 Years
San Rafael remains one of the most supply constrained submarkets in the Bay Area due to strict zoning regulations and building restrictions. With no new units projected to deliver over the next 10 years, San Rafael communities - like 33 North - are well positioned to experience robust rent growth and strong occupancy in one of the Bay Area’s most supply constrained submarkets
High Barrier to Homeownership
San Rafael has one of the healthiest housing markets in the Bay Area with a median home value of $1.48M, up 10.2% YoY (Zillow). Given the high home values in the area and rise in borrowing costs, the ability to put down 20% on a house can be difficult for even high wage earners, which makes 33 North an incredibly attractive alternative to owning a home, especially for families looking for a more suburban location and access to great schools.
Opportunity for a Condominium Exit
As a fully condo-mapped asset, 33 North affords an investor the ability to recognize future potential value as condominium units. According to Zillow, San Rafael’s condo market has seen values skyrocket over 25% since 2018, to a median value of $681,789.
Access To San Francisco And Beyond
Conveniently located adjacent to Highway 101, tenants can commute into San Francisco in 30 minutes with light traffic. Alternatively, residents can commute around the Bay Area using the Sonoma-Marin Area Rail Transit, Golden Gate Transit, and Marin Transit.
Direct Access To Diverse Employers, The Best Of Marin County
San Rafael is home to a highly educated workforce. Within a mile radius of the Property, 50% of adults have a Bachelors Degree or higher and the average household income stands at ~$140k. San Rafael has become home to a growing community of biotech firms like BioMarin, Kaiser, and the life science accelerator Sanovas. High-technology firms such as Autodesk and Lucas Film also call San Rafael home.
Superior Access To Nearby Amenities
The LEED GOLD certified Northgate Mall, which is 1.4 miles from the Property, is Marin’s largest and only enclosed regional mall offering 753,000 square feet of high quality shopping and dining amenities, including Kohl’s, Macy’s, H&M, Panera Bread, Century Theaters, and Victoria’s Secret. San Rafael also has great access to nature such as the San Pedro Mountain Open Space Preserve trails, which start across the street from 33 North.