|
|
5/25/21
|
Red Tail Land Development LLC purchased a five-acre residential development site in Vacaville, CA. Located at 148 Peabody Rd, the site currently consists of a multi-tenant industrial building that is situated within a Residential Urban High-Density (RUHD) overlay.
The planned community was unanimously approved by the Vacaville Planning Commission in April 2021 and will consist of 120 workforce housing units. The new project will be composed of 42 one-bedroom, 66 two-bedroom and 12 three-bedroom units, within six three-story apartment buildings. Amenities will include a clubhouse with a pool and spa, 238 on-site parking spaces for residents and guests, and common open spaces, including a tot lot and dog park.
Situated within a quarter mile from an I-80 onramp, the property benefits from convenient access to many of the area’s largest employers.
The seller, a private partnership, was represented in the transaction by Jason Parr and Scott MacDonald of Cushman & Wakefield’s Northern California Multifamily Advisory Group.
“As a 100% market-rate community, this new apartment project will deliver much needed workforce housing in a submarket that has seen substantial rental rates growth since the beginning of the pandemic and which is expected to continue for at least the foreseeable future,” said Parr.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
