Enliven Forges 102-Unit Asset in Tight Marin County Market

SAN FRANCISCO, CA – January 15, 2026 – In a move that underscores a sophisticated strategy for growth in one of the nation's most challenging real estate markets, Enliven Partners has acquired a 30-unit apartment community in San Rafael for $9.15 million. The deal, executed in partnership with San Francisco-based Sky Alps Capital, is far more than a simple transaction; it is a deliberate act of assembly.

The property, located at 155 Nova Albion Way, sits directly adjacent to Enliven’s existing 72-unit community, Nova at Terra Linda. By acquiring this neighboring building, the firm has instantly created a contiguous 102-unit residential community, achieving a critical mass that is seldom seen in the supply-starved landscape of Marin County. This strategic consolidation transforms three separate parcels into a single, cohesive asset of a scale that institutional investors typically seek.

Crafting Scale in a Constrained Market

Marin County is notoriously difficult for real estate developers and investors. With formidable geographic and regulatory barriers to new construction, the housing inventory remains perpetually limited, driving intense competition for existing assets. In this environment, achieving scale is not a matter of building new, but of creatively combining the old. Enliven’s “tuck-in” acquisition is a textbook example of this approach.

The creation of a 102-unit community provides what the firm calls an “institutional” scale. While this is a fraction of the portfolio held by major Bay Area REITs, for a single, consolidated property in Marin, it represents a significant asset. Such scale unlocks economies in management, marketing, and maintenance that are impossible for smaller, disparate properties to achieve. It also creates a more attractive and stable asset for long-term investment partners.

“This acquisition is a perfect execution of our strategy to find creative ways to build scale in supply-constrained, highly competitive markets,” said Matt Myzak, Co-Founder of Enliven Partners, in a statement. “By identifying the synergy between these adjacent parcels, we’ve transformed separate assets into one cohesive community. This not only allows us to provide a higher level of service and amenities to our residents, but also creates a more efficient and valuable asset for our partners.”

The building at 155 Nova Albion Way, formerly marketed as Alterra Apartment Homes, is a 1963-vintage property that recently benefited from over $800,000 in capital improvements, including significant seismic retrofitting, electrical panel replacements, and sewer lateral upgrades. The acquisition price of $9.15 million, or $305,000 per unit, came in just under the recent asking price of $9.75 million.

A Calculated Bet on Bay Area Multifamily

This deal arrives amidst a complex and evolving Bay Area rental market. While Marin County boasts some of the highest rents in the region, with averages in San Rafael hovering around $2,931 per month, there are mixed signals. Some data points to a tightening vacancy rate, which fell to 4.3% in the second quarter of 2025, suggesting continued upward pressure on rents. However, other reports indicate a slight softening in some submarkets, with vacancy rates in Southern Marin creeping above 6% as landlords adjust to shifting demand, partially influenced by tech industry layoffs in San Francisco.

Enliven’s investment in this climate is a strong vote of confidence in the long-term fundamentals of Marin County’s multifamily sector. The partnership with Sky Alps Capital, a firm known for its disciplined, research-driven approach, further reinforces this conviction. Sky Alps, backed by a private investor group, has a track record of identifying high-conviction opportunities in supply-constrained markets. In August 2025, the firm partnered in a $35.2 million acquisition of a 215-unit portfolio in Seattle, demonstrating a consistent strategy of targeting quality assets in high-growth urban areas.

The financial metrics of the San Rafael deal appear sound. The property was marketed with a starting capitalization rate of 5.33%, with projections of reaching over 7% at market rents. This suggests that even with a significant purchase price, there is clear operational upside to be realized, a core tenet of Enliven's investment philosophy.

The Promise of a Unified Community

For residents, the consolidation of 155 Nova Albion Way with the adjacent Nova at Terra Linda properties at 175 and 195 Nova Albion Way promises a more streamlined and professional living experience. Enliven Partners announced it will immediately move to consolidate operations, management, and branding across the 102-unit community.

This integration is expected to yield significant operational efficiencies. Centralizing management allows for a more robust and specialized on-site staff, potentially improving response times for maintenance and resident services. Economies of scale will come into play through bulk purchasing of supplies and the negotiation of more favorable contracts for services like landscaping, security, and waste management. These cost savings can be reinvested into the property to enhance amenities and overall quality.

Instead of two separate communities operating independently, the newly unified Nova at Terra Linda will function as a single entity. This allows for a holistic approach to community-building and amenity management, ensuring all 102 households have access to the same level of service and facilities, which include a clubhouse, pool, and well-manicured courtyards. The move represents a shift from fragmented ownership to a unified, professionally managed residential environment.

As Enliven Partners continues to aggressively seek opportunities in the Bay Area, this acquisition serves as a powerful case study. It demonstrates that in a market defined by scarcity, the most innovative strategy is not always to build from the ground up, but to thoughtfully assemble a whole that is far greater than the sum of its parts.