Fully Entitled Development Site Trades in San Rafael

Fully Entitled Development Site Trades in San Rafael
News| April 28, 2025| Paul Bubny
California & West + Apartment Buildings

Berkadia closed the sale of 703 Third St., a half-acre property entitled for up to 120 multifamily units in San Rafael. The property sold to a confidential buyer for an undisclosed sum.

Senior managing director Brett Betzler of Berkadia Irvine, and Senior Director Kaohu Berg-Hee, Senior Managing Director Jason Parr and Managing director Scott MacDonald of Berkadia San Francisco, led the transaction on behalf of the seller, San Rafael-based Seagate Properties.

“San Rafael is one of the most supply-constrained markets in the country, where only 156 new apartment units have been built in the last 20 years,” said Betzler. “Berkadia positioned this as an unprecedented opportunity to pick up a fully entitled property in a prime downtown location in one of the state’s most desirable and affluent neighborhoods, where a critical housing shortage combined with a nonexistent construction pipeline will support long-term leasing and rent growth.”

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