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12/19/23
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STG Capital Partners has acquired 17 acres of land located at 3138 Linne Road in Paso Robles, CA for $16.95 mil. The company will begin immediately on the development of 214 build-to-rent homes with completion planned for summer of 2025.
Located within the 280-acre Vinedo master-planned community, the build-for-rent community was designed by Daniel Gehman of Danielian Associates and will feature a resort-style pool, fitness center, clubhouse and community gathering spots with fireplaces, bocce court and dog park. The community is near several parks and a trail system surrounded by vineyards.
The homes will range from 1.4k sf to 1.7k sf for two- and three-bedroom homes, with accessory dwelling units ranging from 663 sf to 847 sf. Interior features include stainless steel appliances, European-style cabinets and Quartz kitchen countertops. Rents will average $2,600 for the one-bedroom units and $3,000 to $3,700 for the two- and three- bedroom units.
Jason Moyal and Max B. Mellman of Max Benjmain Partners (MBP) secured $96.75 mil in financing for the development of the project. STG Capital Partners represented itself in the land acquisition. The seller, Danny Brose, was repped by Sal Provenza, Curt Crandall, and Les Whittlesey from WD Land.
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