Developer Lands $97M for California BTR Project

The project is expected to be completed by summer 2025. Rendering courtesy of STG Capital Partners

STG Capital Partners has received $96.8 million in construction financing for a 214-unit, built-for-rent project in Paso Robles, Calif. The developer paid $17 million for the 17 acres of land where the project will rise.

Scheduled to be completed in the summer of 2025, the Danielian Associates-designed community is set to include two- and three-bedroom homes ranging between 1,395 and 1,701 square feet, along with accessory dwelling units between 663 and 847 square feet. Rents will average $2,600 for one-bedroom homes, with rates ranging from $3,000 to $3,700 for the other types of units. Common-area amenities are slated to include a swimming pool, fitness center, clubhouse, bocce court and dog park.

Located at 3138 Linne Road, the development will be located within the 280-acre master-planned Vinedo community, which is slated to include a trail system and several parks and vineyards. Headed by developer Danny Brose, the project broke ground in May 2022 and is expected to bring some 1,200 single-family and multifamily homes to the market, as reported by The Tribune. Other firms contracted for the master development include Shea Homes and K Hovnanian, according to the same source.

Max Benjamin Partners Managing Directors Jason Moyal and Max Mellman secured the construction loan for the SFR project. WD Land Founding Partner Les Whittlesey, along with Partners Sal Provenza and Curt Crandall, represented seller Danny Brose in the land transaction, while the buyer was represented in house.

In recent year, a growing number of self-contained build-to-rent neighborhoods have been taking shape within larger, master-planned communities. The trend is mainly led by residents’ search for a balance between the comfort of living in the suburbs and the benefits of living in high-density environments.