First & Grant
Novato, CA
Facility Highlights
- Development Project on 1 acre infill, l, located in downtown Novato, CA
- The Site had been dark for almost 15 years
- SVN assisted the Seller in obtaining plan approval for a 57,800 SF building consisting of 32 Apartments and 13,300 SF of retail on the ground floor which ultimately increased the sale's price
Transaction Summary
- SVN assisted the Seller in obtaining a purchase price that was higher than originally anticipated
- SVN assisted the Seller and the Architect to implement the highest and best use for the site based of market knowledge
- The Buyer liked SVN so much we ended up representing them on another purchase shortly after closing escrow
Key Benefits
- SVN utilized its robust national database to source a Buyer that specializes in affordable housing
- SVN drove up the sales price by assisting the Buyer with SB 35 which streamlines city approval for affordable housing
- Utilizing the SB 35, the Buyer was able to obtain approvals to build more than twice the number of approved units than originally anticipated