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1/21/20
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Grand Peaks Properties has acquired Lincoln40 -- a student housing community now under development near the campus of the University of California, Davis. The price was not disclosed.
The property was sold by HighBridge Properties, who began construction of Lincoln40 in October 2019. Following the sale of the property to Grand Peaks, the two firms will co-develop the project, which they plan to complete and open for the start of the 2021-2022 UC Davis academic year.
Lincoln40 will be a three-story building, stepping up to five stories in some sections, which consists of 130 residential units accommodating up to 706 residents. It is being developed on a six-acre infill site along Olive Dr, near the intersection with Richards Blvd, three-quarters of a mile east of the UC Davis campus and less than a half-mile from Davis’s downtown business district.
The site, one of the last developable lots in Davis when acquired by HighBridge in 2015, is located in a qualified opportunity zone, a designation created by a 2017 federal law to facilitate private investment and job creation in underserved areas nationwide by enabling those who invest in properties and businesses in such areas to defer and reduce federal capital-gains taxes.
Davis is located 75 miles northeast of San Francisco and 15 miles west of Sacramento. The city, which has nearly 70,000 residents, historically has had a limited supply of residential properties available for rent due in part to slow-growth policies and lengthy approval processes for new development projects. Its multi-family residential vacancy rate is currently less than 1%.
The UC Davis campus, which has more than 39,000 undergraduate and graduate students, is located just west of the city’s downtown.
“The need for housing in Davis is as urgent as we’ve seen in any part of the country,” said Spencer Welton, a senior vice president with Grand Peaks responsible for investments in the firm’s Pacific Northwest region. “Our acquisition of Lincoln40 gives us an opportunity to provide a large and underserved student market with new housing and popular amenities they won’t find anywhere else this close to campus.”
Lincoln40 apartments will be fully furnished and available in two-, three-, four- and five-bedroom floor plans. The property will feature private study areas as well as other in-unit and common-area amenities, such as a fitness facility, a game room, a café lounge, an outdoor swimming pool with cabanas, and outdoor lounges with barbecue stations and gas fire pits.
With bicycling a popular transit mode in Davis, Lincoln40 will offer secured bike storage space for every resident as well a bike-maintenance facility. On-site bike- and ride-sharing programs also will be available. The building itself is designed to achieve LEED Gold equivalency for energy efficiency and other green-building features.
“One of our objectives in developing Lincoln40 has been to promote walkability and sustainability, values that Davis residents and UC students feel very strongly about,” said Brett Callaghan, HighBridge’s director of development. “An infill project like Lincoln40 that encourages residents to commute by walking or bicycling shows that Davis can grow responsibly and keep the community livable.”
In addition, the developers intend to contribute $1 mil to help the City of Davis construct a pedestrian/bicycle bridge over railroad tracks just north of the Lincoln40 site, which would put Lincoln40 residents and their neighbors even closer to downtown Davis. The bridge, which would be built just west of the Lincoln40 site and connect with the downtown train station, would accomplish a long-held city objective of more closely integrating the Olive Drive neighborhood with the downtown area.
To address the affordability needs of students, Lincoln40 also will offer LincolnLift, a student rental-assistance program that is the first of its kind in Davis. Unlike traditional affordable-housing programs, which are not geared toward students, LincolnLift will offer reduced monthly rents to students only based on 50% to 60% of the local area’s median household income. The program will be available for up to 10% of the property’s student residents.
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