Duke Capital, GPR Complete Northern California Condo Project

The Ruiz Group is in charge of marketing the units.

Wave Street Condos. Image courtesy of GPR Ventures

Wave Street Condos includes an ADA-compliant unit. Image courtesy of GPR Ventures

GPR Ventures, together with Duke Capital Ventures, has completed Wave Street Condos, a four-unit condominium project in Monterey, Calif. The luxury condos are marketed for sale by Keller Williams, Inc.’s The Ruiz Group.

The property is at 457 Wave St. and includes two-story homes with units ranging in size from 1,340 to 1,400 square feet. Each condo includes either two or three bedrooms, walk-in closets, two private balconies, ceramic countertops, energy-efficient vinyl patio doors and hardwood floors. Additionally, there is one ADA-compliant unit equipped with a first-floor bedroom, a bathroom, elevator access and other amenities designed for individuals with limited mobility.

Wave Street Condos is 4 miles from Monterey Regional Airport, 6 miles from Pebble Beach Resorts, 17 miles from Carmel Valley, Calif., 44 miles from Santa Cruz, Calif. and within 72 miles of San Jose.

Among recent luxury condo projects completed in Northern California was Lennar Corp.’s Madison, totaling 77 units in San Francisco. The property was officially opened in early November and is situated within The San Francisco Shipyard, a master-planned community.

Top amenities remain in demand for condos

The Fed’s monetary policy and other economic headwinds contributed to a rough year for the condominium market, according to a recent in-depth look at the sector by Multi-Housing News. According to Noam Ziv, CEO of El-Ad National Properties, top amenities such as work-from-home spaces will remain at the top of clients’ lists through 2024, and projects that will capitalize on this demand will likely succeed.

A recent example includes Nan Shin’s upcoming project in Honolulu. The developer secured a $528 million construction loan for Park on Ke’eaumoku, a 972-unit condominium project in the Ala Moana neighborhood. The property will include an amenity deck with a movie theater, coworking spaces and fitness center, among many other features.

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