[caption id="attachment_88202" align="alignnone" width="500"] Rafael Town Center recently underwent a $3.6 million renovation. (image from RafaelTownCenter.com)[/caption]
SAN RAFAEL -- A San Mateo-based investor purchased Rafael Town Center, a downtown San Rafael mix of luxury apartments and commercial space, for $50 million.
JB Matteson, Inc., a private real estate investment manager, acquired the property at 999 Fourth St. on Feb. 21. It has 133 apartments, 41,783 square feet of high-quality office space and 20,312 square feet of street-level shops and restaurants. It was finished in 2002 and underwent a $3.6 million remodeling in the past two years.
The seller was an investment account managed by Stockbridge Real Estate Funds.
"Rafael Town Center enjoys a central location in downtown San Rafael, in Marin County, which is one of the country’s strongest rental markets," said John Bellack, president of JB Matteson. "It offers residents and commercial tenants a walkable, urban environment to live and work. The property is a modern transit-oriented community in an infill Bay Area location."
This is JB Matteson's second Marin purchase, following the 124-unit Millworks development in Novato. The company invested $190 million in multifamily property acquisitions or investments last year. Typical investment targets are developments built in the past 10 years and located in coastal areas from Southern California to Seattle.
The portfolio includes six other California properties, located in Ventura, Upland, Los Angeles, Sacramento and Orange County.
Rafael Town Center (rafaeltowncenter.com) is located on the corner of 4th Street and Lootens Place in the heart of San Rafael’s vibrant downtown shopping, dining and office district, featuring a "Walk Score" of 98.