SOLD

Multifamily Development Land | 4.66 Acres | Davis, CA 

Price: $3.3 Million

Habitat Investment Advisors presented an exceptional and unique opportunity to acquire a trophy development asset in one of the best student housing markets in the nation. 

 

 

Davis-Multifamily-Land

Habitat Investment Advisors is pleased to present an exceptional and unique opportunity to acquire a trophy development asset in one of the best student housing markets in the nation. The offering consists of 4.66 acres of multifamily and residential development land on Olive Drive in the heart of Downtown Davis and blocks from UC Davis, one of nation’s top universities. 

Comprising of six separate contiguous parcels, ranging from 0.126 acre to 2.7 acres, the property is part of the Gateway / Olive Drive Specific Plan and “green lighted” for development.  Current residential zoning designation allows for up to 10 units per net acre.  Rezoning to high density would allow for 10 – 15 units per net acre. 

The City of Davis is a quintessential college-town, highly regarded for its educated and diverse demographic base.  Davis is considered to amongst the best multi-family rental markets and the tightest housing markets in the country because of its historically strong rental gains and near zero vacancy over the past decade.  The feverish demand is spurred by very limited supply of housing units in the market paired with increasing appeal to live in the city.  The growth moratorium enacted by the city government limits housing development approvals to a maximum of one percent per year; however, supporting smart infill opportunities.  Given the property has been “green lighted” and approved to be developed significantly increases its future investment potential. 

Recent multifamily transactions in Davis have set an incredible precedence of values in Davis.  Any properties that become available are aggressively targeted and pursued by investors.  

 

Read more about the sale of this property: PRESS RELEASE