Central Coast Team Sells 28-Unit Apartment Project within San Luis Obispo Mixed-Use Development

Land Advisors Organization – California Division is pleased to announce the closing of Village at Broad Street (Parcel II), where Presidio Capital Partners, Inc. with Fuller Apartment Homes, Inc. purchased 28 for-rent apartment units from H&D Maymont, LLC for an undisclosed amount.

The ±1.41-acre Parcel II was the last remaining parcel available for sale within The Village at Broad Street.  The project is located in close proximity to downtown San Luis Obispo, east of Emily Street between Roadhouse Avenue and South Street.  The Village at Broad Street is a mixed-use development that includes a newly opened Fresh & Easy Neighborhood Market and 42 multi-family affordable apartments. ROEM Corporation developed the affordable living component and finished construction in January 2012.

“The downtown area of San Luis Obispo has always been a very desirable location, and The Village at Broad Street project further enhances the quality and vitality of the area,” stated Land Advisors’ Senior Marketing Consultant Matt Power, who has been tracking residential land activity in the Central Coast region of California for about ten years.  “San Luis Obispo is a unique submarket and continues to draw interest from the building community.”

Read the Complete Press Release Here

Santa Maria… Where are the builders?

A few weeks ago, the City of Santa Maria, Community Development Department (CDD) released its list of residential projects in the development process with the number of building permits issued by the City from July 1, 2011 through December 31, 2011.

As you can see from the chart below, the Santa Maria CDD shows there are 669 future single family dwelling units and 633 multifamily condominium units that are either approved or pending approval, for future development.

One new home community by the Towbes Group is actively selling new single family homes with floor plans ranging in size from 1,208 to 2,043 square feet. “Lavigna” is a well-amenitized gated community with a pool and recreational area.  

To date, Lavigna is the only new home product currently available within the City of Santa Maria.  But even with Lavigna, the ample lot inventory indicates that Santa Maria still has room for another builder. 

This leaves us scratching our heads…. When are all these units going to be built? And who is going to build them? 

Other News from the Central Coast

Via TheBusinessJournal.com: Visalia-based Mangano Homes, Inc. is developing the mixed-use Marsh Street Commons project in the heart of San Luis Obispo. Though the recession took a toll on the San Luis Obispo market as it did in the Valley, the Central Coast town has shown a certain tenacity in the past. Read complete article.

Via RENTV.com: The Village at Broad Street Family Apartments, a new 42-unit affordable housing project in San Luis Obispo, just celebrated its grand opening to the public. Developed by ROEM Corporation, the project is located at 2240 Emily St. Read complete article

The Village at Broad Street also recently held its grand opening for the new Fresh & Easy Neighborhood Market which turned out to be a huge success.

Source: Matt Power, Senior Marketing Consultant, (805) 845-2660