33 North, San Rafael CA 94903 - Investors Save a Failed ProjectPosted by Cari Gennarelli on Saturday, June 23rd, 2012 at 10:04am.
33 North, San Rafael an 82 Unit Luxury Condo complex, was built with the intention of selling off the units. Located just off the North San Pedro exit, conveniently located for SF commuters, has just been purchased by investors who will offer the units for rent.
Marin needs more rentals. I currently have several clients relocating to Marin and looking for 6-12 month rental while they search for a property to buy.
Several months ago, while on tour, I received a call from a real estate investor about this project. He was calling local realtors to gather information about the resale and rental market to see if the purchase made sense. I never heard from him after that but looks like he decided the investment was lucrative!
Personally, I would like to Thank The Praedium Group of New York and Empire USA of Los Angeles for purchasing this property, reviving a failed project and bringing more viable rental units to Marin County.
In addition, San Rafael is still requiring 16 units to be held for below market rate whether rented or sold.
On a slightly different vein, I was just contemplating the lack of decent short-term rentals in Marin. I don't think their intention is short term rentals but a complex that supports people relocating to the area that offers 3-12 month flexible rentals would be extremely viable and beneficial - I think Realtors could fill up an 82 unit complex in minutes.
I am excited to get a look inside the new property and hopefully fill a few spots with clients in need of a good rental.
If you are considering a relocation to Marin County and need more information about purchasing or renting property - call me 415.602.4434 or email me email@example.com and I would be happy to answer your questions.
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