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10/04/24
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Pacific West Communities Inc has acquired a 2.58-acre undeveloped site at 41st Ave and Soquel Dr in Soquel, CA for $10.35 mil. Pacific West, with development partner Linc Housing, plans to construct a new 289-unit residential development comprising 100% affordable housing on the Santa Cruz County land.
The planned development is estimated to be 333.3k sf in size and will be delivered at a cost of over $200 mil. The project is slated to consist of two five-story affordable multifamily buildings over an at-grade podium garage with approximately 240 parking stalls and elevator access to all levels.
The unit mix will comprise 118 studio units (432 sf), 103 one-bedroom units (636 sf), 13 larger one-bedroom units (709 sf), 22 two-bedroom units (834 sf), and 33 three-bedroom units (1.1k sf). Common amenities are expected to include laundry facilities, on-site management and services, and a large community room, a fitness center and playground.
The buyer also separately acquired an additional 0.12 acres (5k sf) of land abutting the 2.58-acre sale site, bringing its total ownership to 2.7 acres to develop the new affordable housing project.
The property was sold by Blam Jade LP, owned by Don Groppetti of the Groppetti Automotive Family, which after gaining approvals to build a Nissan auto dealership and services facility, decided not to proceed with construction. The site has never been occupied.
Reuben Helick with Cushman & Wakefield was involved in brokering this transaction.
“The location is situated at a prime intersection that is also convenient to Highway 1, making it highly accessible for commuters as well as walkable to an abundance of retail, shopping, restaurant, and recreational activities surrounding the project,” commented Helick. “The property is also proximate to the Central Coast’s renowned beach locales, including Capitola and Santa Cruz Beach Boardwalk.”
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