SAN FRANCISCO, CA - CBRE arranged the $5.6 million sale of Pacifica Apartments in San Rafael, a 20-unit market-rate multifamily community in the North Bay, to 55 Canal Street LLC. This is the largest sale by unit count in Marin County since October 2024.
CBRE’s Ben Mollahan and Adam Foley represented the buyer, 55 Canal Street LLC. The duo brokered three of the last four multifamily transactions in San Rafael’s Canal submarket, totaling $15 million across 58 units.
“The property was sold for the first time since it was built in the 1960s. San Rafael’s Canal neighborhood is known for its market fundamentals with high occupancy and very minimal turnover. This off-market transaction reflects the future confidence local investors hold in the area,” said Mollahan.
Located at 55 Canal Street, Pacifica Apartments consists of all two-bedroom units. Amenities include a large community laundry facility, covered parking and storage for each tenant, enclosed courtyard with kids play area and a large garden.
The property is across the street from Pickleweed Park and walking distance to San Rafael Creek. It also about two miles east of downtown San Rafael and about a 30-minute drive from San Francisco.
Multifamily occupancy and rent growth in Marin County are one of the strongest in the San Francisco Bay Area. Marin County had over 95% occupancy and 2% rent growth in Q3 2024, according to CBRE Research. There have not been any new market-rate multifamily deliveries in Marin County since 2015.
About CBRE Group, Inc. CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2024 revenue). The company has more than 140,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com