San Francisco—Real estate investment and development firm HighBridge Properties is bringing more rental housing to students near the University of California, Davis, with its acquisition of a 5-acre infill site in Davis, Calif.
The transaction was brokered by Sunny Gill of Sacramento-based Habitat Investment Advisors, a multifamily property brokerage and advisory services firm, and the purchase price was $3.3 million, the Sacramento Business Journal reported.
The site consists of 11 contiguous pieces of land and had been largely underutilized. Located on Olive Drive near the intersection of Richards Boulevard, the site is within walking distance of the UC Davis campus and the downtown business district.
Seven single-family homes and three uninhabitable cottages, which were built in the 1940s and 50s, reside on the land, but other than that the site is largely vacant. The Callori family owned the property for more than 90 years, and the property has been put on the market several times with no buyers. This deal was especially complex as it involved seven different sellers for the 11 pieces of land, according to the business journal.
HighBridge’s development will bring much-needed student housing to downtown Davis, with 120 to 140 student-purpose-built rental units. The final number of units hasn’t yet been determined.
The company also believes that the developed aligns with the City of Davis’ goals of drawing residents to the downtown district and promoting sustainable and responsible development. To do so, HighBridge plans to: develop modern, amenity-rich rental housing to cater to UC Davis’ 35,000 undergraduate and graduate students; promote greater pedestrian, bicycle and public transportation usage; and increase revenues for downtown Davis businesses.
HighBridge isn’t new to Davis, with this acquisition marking the company’s second in the area. In 2011, the company bought The Grove, an 80-unit apartment community that it renovated and currently owns and operates.
“We remain committed to developing and operating properties in Davis that not just address the pent-up demand for quality housing here, but also are consistent with the community’s desires for sustainability and walkability,” said Paul Gradeff, managing director of HighBridge.
The company also plans to work with city officials and residents in the coming months to get their feedback while the project is in the conceptual phase and is in the process of obtaining the requisite development approvals.
Image courtesy of The People’s Vanguard of Davis