(EDITOR’S NOTE: According to sources with knowledge of the transaction details, the property sold for $3.85 million.)
5-acre residential development site planned to deliver 120 workforce housing units
VACAVILLE, Calif., May 19, 2021– Cushman & Wakefield announced today the firm’s Northern California Multifamily Advisory Group has represented the seller in the disposition of an approximately 5-acre residential development site in Vacaville, California. Located at 148 Peabody Rd, the site currently consists of a multi-tenant industrial building that is situated within the Residential Urban High-Density (RUHD) overlay.
The property was acquired by Red Tail Land Development LLC. The seller was a private partnership and was represented in the transaction by Jason Parr and Scott MacDonald of Cushman & Wakefield’s Northern California Multifamily Advisory Group.
The new 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 (6) 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.
“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 Jason Parr, Executive Director. “These types of projects remain necessary to help alleviate housing pressures for middle-income families.”
Situated within a quarter mile from an Interstate 80 onramp, the property benefits from convenient access to the area’s largest and most renowned employers.
Scott MacDonald added, “Vacaville, with direct access to 5 million jobs, and other suburban multifamily markets have been top performing rental markets during the pandemic as tenants have prioritized additional unit square footage, open space and car-friendly environments, and in particular as the social and lifestyle amenities that make urban locations like San Francisco and Oakland special have largely not been open or available.”
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and 60 countries. In 2020, the firm had revenue of $7.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services.