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Norcal portfolio case study.

Investment highlights.
  • Portfolio acquisition of 60 properties in the high-barrier-to-entry Marin County submarket (Northern California)
  • Total purchase price was $436.5M, which included 936 multifamily units and 680K square feet of office space with a value-add profile
  • The portfolio was purchased directly out of bankruptcy, which required working with the restructuring entity, which selected HZ as the stalking horse during the bankruptcy proceedings
  • HZ fully flexed the scale and agility of its integrated platform with Graham Street Realty managing the commercial assets and Misson Rock Residential managing the multifamily assets
  • Ultimately, HZ selected Davidson Kempner Capital Management as its joint venture equity partner while Wells Fargo provided debt financing
  • There was immediate operational and income upside through management improvement and targeted capital expenditures
Property Description
PROPERTY TYPE Multifamily & Commercial Office
PROPERTY CLASS B & C
LOCATION Marin & Sonoma Counties, CA
AVERAGE VINTAGE 1980
TOTAL UNITS/SF 936 Multifamily Units
681,631 SF Office
Project and Investment Return Metrics
PURCHASE PRICE $436,500,000
DEBT $307,000,000
OCCUPANCY 91% Multifamily
69% Office
CAP RATE 4.5%
TARGET HOLD PERIOD 3-5 Years
GROSS IRR 18%

Norcal portfolio examples.

Large multifamily and commercial real estate portfolio in Marin and Sonoma

Marin Heights Apartment Homes

Fairway Apartments Joint Venture

Fairway Apartments

Gateway Business Center San Rafael Norcal Portfolio

Gateway Business Center

North Bay Center Real Estate Investment - Norcal Portfolio

North Bay Business Center

Let’s talk.

Pete Casey - Managing Director, Capital Markets - Hamilton Zanze Pete Casey

Managing Director, Capital Markets

415-561-6800
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